I see a good swing or small term trading opportunity in Gold at current price.
UPSIDE resistance is around Sell zone between 1879 - 1919 with SL below 1780
This is not a buy/sell recommendation, but my personal views. You're solely responsible of your profits n losses.
Gold Petal MCX ( Commodity ) has broken out and retested, therefore may undergo a reversal rally. Trade is supported by Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below the support zone & the lower trendline. The target is placed near resistance.
Key levels: 47948 - 49290
Gold is rejecting uptrend and downtrend at the level of 47948 . And we don't see a powerful movement in the 2021 year, wherein it throwout the level of 49280 successfully.
Here, you will have a strong support level, wherein we may decide about buying or selling. And it is the level of 47948 . Intraday traders can keep buying the...
MCX - Zinc offers 2 opportunity to ride the bullish trend. From the seasonality historical data, it has been always witnessed that by the end of November price starts accumulating demand the demands of the market.
As represented in the above chart, wait for the price to come near our area of interest and wait for other bullish conformations.
Gold has started collapsing nonstop after Nonfarm Payrolls data. And it stopped at my ' tested many times ' level. XAUUSD has recovered 50% almost in the previous week.
The gold spot needs to break the 1793.6 level to start an uptrend. Afterward, it will go for 1806 - 1826 levels. And these levels can push the gold price up to 1900 .
But if gold breaks...
Gold mcx above 47500 is about to fly,
one can go long at current level or in dips with stoploss of 47200, for Targets of 47512, 47599, 47644 and 47706.
Volume is Good
Daily MACD Positive Crossover
Hourly macd is Uptick and also above zero line
Hourly RSI above 60 and Uptick
I am not sebi registered analyst
My studies are Educational purpose...
When every one bullish in this yellow metal, we have to look at the wave analysis for long term cycles. It's hard to agree
After tremendous bull run(3rd wave) from march 2000 to September 2011 ,Gold is in 4th wave consolidation(3,3,5 Normal flat)
Emerging C wave will bring gold to 1440 levels(minimum61.8%) in october this year and followed by $1060 in...
07 MAY 2021
TIME FRAME: DAY
BUY ABOVE: 48320
STOP LOSS: 47751
TGT 01: 49577
We are not S E B I registered analysts. Please consult your personal financial advisor before investing. We are not responsible for your profits/losses whatsoever
This metal is in buying pressure currently. Please consider the buying and selling levels and maintain the stop loss while trading.
*Disclaimer : I just shares my view. Please trade with your own and comfortable ideas.
Gold is taking reversal from the strong support (SS) level ( 48635 ). And at present, it's very close to the SS. Can we see a reversal again?
If gold remains above SS, then it can touch the following levels: 49000 - 49200 - 49400
But according to RSI, MA, & DMI, it seems in a downtrend. So, if MCX gold breaks the support level, we may see the following...