COMEX GOLD $1506?Ongoing correction in COMEX gold futures will aggravate if it breaks bullish support line($1655), and may free fall upto 1506 within 2 weeks.
Mcxgold
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
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 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 BACK IN OUR ACCUMULATION ZONESince the last two months, GOLD has seen tremendous movement in both sides.
Few trading sessions back, I had posted to hold LONG positions has the GOLD was hovering around our Bearish Zone.
We have seen a RSI Trend reversal and the GOLD has recovered quite a bit as the market is consoldating (which has been the mood in the last few weeks).
Gold CareGold is testing and trying to break I-H&S neckline but has failed for a while..
Would advice caution on Longs...
MCX Gold Intraday Pullback Before Acceleration LowerBreakout Range: Approx. 3300
Hurdle: 50600 level
At present, gold is trying to recover the previous loss. The support level has broken (flat lower trendline), and it becomes resistance now. We may see the continuation of the downtrend from there. That could fall to the following levels: 49360 - 48760 and below.
Lionheart traders can hold for 48000 to 47360 .
Please don't mess after a breakout of reversion bounce off level.
Sell GoldLittle target 51,200/50,950
Main Stop Loss at 51,655
*Disclaimer : I just shared my view. Please trade with your own and comfortable views.
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.
Sell Little target 51,670
Stop Loss 52,000
*Disclaimer : I just shared my view. Please trade with your own and comfortable views.
MCX - GOLD AnalysisHere's a short term analysis for MCX-GOLD
Fibonacci Levels shown in the image might act as targets.
50% retracement level would need a re-analysis.
Gold Likely to retest the previous zone and then bounce Gold Likely to retest the previous zone and then bounce to previous High
Trade Plan: Wait for it to retest and break 52405 to go long
Will Gold Glitter ......... More ?
Gold Bullish and bearish levels marked on chart.
Like.... Follow.... Share.... Staytuned
Gold MCX Resistance and support levelsPlease put Stop loss for any trades for safer side. These are the intra day levels.
Risky Sell 1.This metal keep on cutting the resistance levels. However the last movements resistance levels seems at 56,000.
