GOLD MCX - 1D TIMEFRAME - ANALYSIS
Pure Price Action-Based Trading Plan
Buy Position:
Enter a buy position if the price breaks and closes above ₹78,700.
Targets:
Target 1: ₹79,500
Target 2: ₹80,500
Target 3: ₹82,000
Stop Loss: Place the stop loss just below ₹77,000 to limit downside risk.
Sell Position:
Enter a sell position if the price breaks and closes below ₹76,300.
Targets:
Target 1: ₹75,500
Target 2: ₹74,500
Target 3: ₹73,000
Stop Loss: Set the stop loss above ₹77,000 for this trade.
Given the overall bullish trend, it would be safer to lean towards a buy on breakouts rather than anticipating a reversal. However, a break below support could open the door for short-term selling opportunities. This approach relies purely on observing price behavior at key levels rather than indicator-based signals.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.