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Gold's Chart Signals Temporary Downtrend but Uptrend Indicators As per the analysis of the provided chart, the outlook for Gold suggests potential downside towards the levels of 59260 , 59000 , and 58700 . Traders should pay attention to the level of 59600 , as a crossover and close above this level could signal a resumption of the uptrend. The presence of the 100-day moving average and a parallel channel on the chart further support the notion of an underlying uptrend, indicating that the current downtrend may be temporary. In terms of key events for today, the following are of significance: 18:00 Core PCE Price Index (MoM) (Apr) and Core Durable Goods Orders (MoM) (Apr) - High impact 19:30 Michigan Consumer Expectations & Sentiment (May) - Low impact 22:30 U.S. Baker Hughes Oil Rig Count - Medium impact Additional information and important event details for the upcoming week will be provided shortly.
MCX:GOLD1!Short
by forextidings
1
MCX Gold Double Bottom – Potential ReversalIn the last two weeks, MCX gold has lost -2003 points. We may see a continued downtrend up to the support line (Range: 49600 - 49200 ). Intraday traders can play between freefall by taking it as a target. As mentioned in the chart, the double bottom pattern will complete when the price fails to break past the two bottoms and heads back to the neckline. Short-term targets: 50900 - 51860 Long-term targets: 53560 - 53400 But if gold fails to complete the double bottom pattern by breaking the support line, we may see continue downward movements. And the gold price will come at/below 48760 - 48000 levels. If it happens, I will update you ASAP. Follow my account for immediate update notifications.
MCX:GOLD1!
by freestocktips
3
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.
MCX:GOLD1!Long
by freestocktips
1
MCX Gold Trading Strategy for Intraday TradersThis chart is all about the assumption of the future moves of the gold, which has created by using the Elliott wave patterns of impulsive & corrective waves. In the beginning, there are impulsive waves which converted into the corrective waves now. Gold cannot keep drilling downward. Before the downtrend begins, we may see the following levels: 51160 - 51300 - 51460 - 51600+ Kindly note, don't buy it after a breakdown of the last tail. This breakout can pulldown the gold price up to 50660 - 50400 levels.
MCX:GOLD1!Long
by freestocktips