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Will Gold be Cheaper or Sky Rocket till Diwali?

 

Gold spot international currently trading at $1916 up by $15. Gold has been staying within the range formed on August 11, 2020 by a strong bearish bar. It has found multiple supports near the areas of $1870-1860 which is also stands near the low headed by that bearish bar as discussed above.

This entire consolidation within the range of bearish bar has taken shape of a descending triangle and now price has climbed above resistance line of this tringle suggesting bullish potential.

Price had been staying below 35 days SMA since its bearish cross below SMA during month of August this year but now it has crossed above the same and formed a complete bar above the moving average suggesting bullish developments on MA crossover front.

Based on current developments on chart gold is likely to remain bullish as long as it holds above $1885 and having a strong resistance placed near the areas of $1930-1935 zones. Sustained move above $1935 will further strengthen bullish outlook and then it will open the doors for another rally towards $1970-1990 zones.

Based on above explanation support level on MCX can be considered around 50600 and immediate resistance at 52250 zones. Further stability above 52250 will bring 53500-53800 and more. 

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Naveen said…
Great sir thanks for your support 👍
November 5, 2020 at 9:24 PM
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