MCX Gold Trading Strategy for Intraday TradersGold 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 targets: 48460 - 48260 - 48000
Commoditygold
Gold Price 2021 Roadmap - EWTThe Gold spot started the bearish Elliott wave on the daily timeframe. Right now, it's making the 5th wave. It has to cross 1824 - 1800 - 1776 to complete the fifth wave. The fifth wave will complete around 1690 .
If there will be the upside breakout of wave 4 , then it's a failure of the Elliott wave pattern. And the target for the uptrend will be as following 1980 - 2000 .
MCX Gold Price Trend Analysis & TipsGold is performing in the parallel channel from 22 Sep. Recently, the moving average has tried to crossover but failed. And volume spike is a direct sign of an uptrend. It's sharply moving forward.
As I updated on Oct 19, gold is trying to climb upward after hitting the parallel channel. And if it remains in the parallel channel, we may see 51000 - 51500+ levels... And for the day traders, 5 0960 - 51130 - 51260+ levels.
Please note parallel channel breakdown is not the best place for a short. A better place for shorts is the hurdle line.
Here I have used ADX to identify the trend strength. Gold's ADX < 25 means the uptrend is weak.
What will happen after a breakout of a parallel channel and hurdles? I will update it in my next update of Gold.
If this idea is helpful to you, please leave a comment below and press the like.
GOLD - See What These Gann Fan & Fibonacci Retracement Value SayHere, I have used Gann Fan & Fibonacci Retracement to identify the next move of Gold Spot. Wherein, it is taking reversal from the 0.5 retracement value (highlighted by green square ). And now it's running under 3/1 & 4/1 Gann Fan value.
According to this chart, gold will keep drilling upward up to $1940 . After that, it can fall for 0.382 value of retracement. And a breakdown of this retracement means $1900 waiting ahead.
Overall we can see a bullish trend. That can be for $1960 - $1976 levels before Nov end.
Will GOLD Hit the 50000 this Weekend?Overall it's a descending trend. According to the Stoch RSI, It will continuously fall. So, intraday traders can sell GOLD now nearby dynamic resistance (DR) trendline for the target of 50000 - 49600 .
If gold will breakout the DR, don't selloff.
At present, we have chances to see the following levels before this weekend: 50560-50700 .
Please keep your eyes on the Stoch RSI and moving average.
Gold (XAU/USD) Price Trend AnalysisIn the previous week, gold has made -90.51 loss, AND it has lost -8.8 points in the last trading session. XAU/USD may slip from here for $1916 to $1900 levels.
Gold Strong Support $1686 too far away now. In the previous week's trading sessions, it has touched the support trendline and took a reversal. Hence, according to this chart, we may see $2000 - $2036+ levels soon.
The downtrend will start after breakdown of the support trendline. At present, it's positive for the upcoming days. And next hurdle for traders is the $1986 level. This hurdle's breakout can boost the price instantly to the above-mentioned upward levels.
The following (major) event/inventories can affect gold prices:
Monday:
USD Gold Index
Actual 54.9% | Previous 49.3%
USD/JPY Index
Actual 46.0% | Previous 45.0%
Wednesday:
USD API Weekly Crude Stock
Actual -4.400M | Previous -8.587M
U.S. Crude Oil Inventories
Actual -4.512M | Previous -7.373M
U.S. Crude Oil Imports
Actual -0.713M | Previous 1.256M
U.S. Cushing Crude Oil Inventories
Actual 1.336M | Previous 0.532M
GOLD LONG-TERM TREND ANALYSIS, TIPS, & CHARTAs per the chart above, gold is trying to take a U-Turn. It can slip for 47460 – 46760 – 46260 levels.
As per the S-RSI, it will start running upside soon for the dynamic resistance level of 53900. Hence, targets: 49560 – 50000 – 52000 – 53000+
Don’t forget to keep your eyes on downtrend level 46260 .