Hi,
Illustrate the Monthly chart of Gold futures, an all-time high of 56191(R3) was reached in Aug20 from there it started falling and reached 44108 on Mar 21. Then the next peak high was 55558 on Mar 22 i.e. tried retrace of R3 reached near R3 and also unable to sustain above R2 finally closed above R1 Level. On April 22 it retraces R2 but not crossed and closed above R2. During, May 22, June 22, July 22, and Aug22It were traded between pivot to R1 and a little bit above R1 levels. On Sep 22 it started to trade below pivot levels. So, there is the chance to retrace the level of S1, S2 & S3
If the Fib retracement levels are drawn for the swing high (All-time High) to swing low, the support and resistance levels are as follows.
Resistance:
R3-56191, R2-53605 & R1-51575
Pivot
P- 50150
Support:
S1-48724 S2-43960 & S3-44108.
If Gold future is sustained above 50150 the bull run will take place and moves upwards further ready to retrace the level of 51575, 53600 then 56200
If Gold future is sustained below 48950, the bear run will continue and be ready to retrace the level of 48725, 46950 & 44100.
So, we must be very careful to watch the above levels and start to accumulate your long terms investment on every dip.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.
Illustrate the Monthly chart of Gold futures, an all-time high of 56191(R3) was reached in Aug20 from there it started falling and reached 44108 on Mar 21. Then the next peak high was 55558 on Mar 22 i.e. tried retrace of R3 reached near R3 and also unable to sustain above R2 finally closed above R1 Level. On April 22 it retraces R2 but not crossed and closed above R2. During, May 22, June 22, July 22, and Aug22It were traded between pivot to R1 and a little bit above R1 levels. On Sep 22 it started to trade below pivot levels. So, there is the chance to retrace the level of S1, S2 & S3
If the Fib retracement levels are drawn for the swing high (All-time High) to swing low, the support and resistance levels are as follows.
Resistance:
R3-56191, R2-53605 & R1-51575
Pivot
P- 50150
Support:
S1-48724 S2-43960 & S3-44108.
If Gold future is sustained above 50150 the bull run will take place and moves upwards further ready to retrace the level of 51575, 53600 then 56200
If Gold future is sustained below 48950, the bear run will continue and be ready to retrace the level of 48725, 46950 & 44100.
So, we must be very careful to watch the above levels and start to accumulate your long terms investment on every dip.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.
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.
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.