LET THE MARKET TELL WHO WE ARE

  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...

Gold is now trading at $1177.76 and testing its broken horizontal support that has flipped to become resistance now. Prices are staying within a potential rising channel and failing to attract further buying to confirm a breakout above the resistance line of this channel. Stochastic has reached in overbought territory and failing to make a new high if compared to August 2015 peak when gold headed a high of $1169.93. Divergence between price and indicator hints weakening of bullish momentum that may result in failure of current rally. Immediate resistance is now placed at $1192. Decisive closing above $1192 will neglect these expectations of a bearish reversal and then retest to $1204 and $1227 can’t be ruled out. If we get a confirmation above 1193 then next big hurdle will be around $1233. Support is now seen near $1174 and then at $1163. Key support remains at 1163 and stability above this support will keep this metal in a sideways mode between 1165 and 1190. Any sustained move belo...

Gold on MCX currently trading at 26278 it has witnessed a nice recovery after hitting a low of 25900 during recent bearish attempt. Gold had broken a descending trend line resistance on August 20, 2015 but couldn’t attract smart money and a nice sell off took place after printing a swing high at 27833. Prices were fluctuating just below 40 days EMA after forming a bullish cross over by 10 EMA during the month of August. Now 10 days EMA is staying above 40 days EMA that that qualifies a bullish trigger. Stochastic had reached in oversold territory and now it has formed a bullish cross and trying to recover from oversold territory. Once again stochastic has entered in oversold territory whereas prices are staying above 62% correction level of the swing that occurred from low of 24661 to high of 27833. This relation between price and stochastic indicator suggests a bullish divergence. Price action on chart maintains its bullish bias that was established by a bullish swing during the mont...

Gold on MCX has witnessed a nice decline in today’s session and it has headed a low of 24451 for the session and currently trading at 24550. As we can see on chart provided above a three pint bullish divergence is clearly visible on MACD and RSI indicators. Recently we have seen a bullish engulfing candle on hourly chart that hints possibilities of a bullish setup here. Considering current scenario favorable for a bullish trade on can look for a long trade in gold near the areas of 24530-500 with stop loss below 24450 for targeting 24670-24750-24870 and more upside.

International spot gold is currently trading at $1208.70. Recently Gold witnessed a bullish breakout above descending trend line resistance but failed to climb above $1223 which was the high placed on February 19, 2015. Gold is now getting support near psychological level of $1200 and areas of $1190 are very strong support zones on daily chart. An inverse head and shoulder pattern is also visible on 240 min chart that has support at $1190 and neck line resistance at $1223 zones. Any sustained move above $1223 would call for a fresh rally that would help this metal to retest areas of $1240-1245. Key resistance would remain near $1260 and any closing above those levels would call for more upside. 14 periods RSI is staying above 40 and favouring bulls. 3 periods RSI has also climbed above 14 periods RSI which is also supportive for gold bulls. On lighter note stability above $1195-1190 zones remains bullish for gold and recovery above $1223 would confirm a rally towards $1245 zones where...

We all are waiting for union budget 2015-16 desperately and assuming whether government is going to reduce or not, import duty on gold and silver. If tomorrow government of India decides to reduce import duty on bullions then it will be a positive trigger for international precious metals. However reduced duty may impact domestic bullions market negatively but it would be a good bullish trigger for international bullion markets as cheaper import cost will attract importers that would initiate demand for these metals in international markets. For international spot gold areas of $1222-1224 are providing a stiff resistance once if it is taken out then we will see attempts towards $1240-50 zones. Currently gold is trading near $1215.   Feel free to write me at sunirathi@hotmail.com for any query regarding any trade.

Gold on mcx witnessed nice decline on Friday and headed an intraday low of 26681 and took support near Fibonacci price cluster that stands 26660-720 zones. Areas of 26660 are also supported by a rising trend line and oversold reading on stochastic indicators keeps chances alive for a potential recovery from 26700 zones. Today gold has opened with an upside gap and maintaining itself above previous closing price which is also a positive factor for this commodity. In past we have seen nice recovery from 26700 during bearish attempts and long legged candlesticks near that level hints a strong demand zone around these areas. We are expecting uptrend to remain intact until gold holds below 26660 zones decisively and attempts towards 27100-27300 and more upside can’t be ruled out. Any closing above 27500 would help this commodity to resume its on-going uptrend. Recommendation: Taking longs in gold around 26850-750 with top loss below 26550 (closing basis) for targeting 27200-27450 and mor...

Gold spot is currently trading at $1255; recently it has formed a bullish breakout above neckline resistance of an inverse head and shoulder pattern and hints a possible rally towards 1300-1320 zones in coming days. 14 periods RSI has 60 levels for the first time and confirms a zone shift on this indicator and supportive for gold bulls. Retest to 1235-1225 zones can’t be ruled out but traders can use those opportunities to buy this metal for a short term rally. Key support would remain at 1160$ for this outlook.

Gold spot is witnessing double bottom at 1180 zones and nicely jumped after hitting 1182 during this decline. Bullish AB=CD pattern is also clearly visible on daily chart and has completed its CD leg at 1182 and now suggesting bullish resumption from point D which is exactly near prior bottom of 1180. Prices have climbed above 25 days SMA which stands at 1220 and now getting support near the same. 14 periods RSI is also showing bullish divergence and supporting reversal in this commodity. Immediate support is now placed at 1220 and stability above this level remains bullish whereas failure of 1220 with daily closing may trigger bearishness and then retest to recent lows around 1190 and more down side can’t be ruled out. Resistance seen near 1250 zones and sustained move above that level would bring 1270 on cards. Key resistance remains at 1272-75 zones and sustained move above 1272 would result in a rally towards 1300-1360 zones in coming days. Recommendation: buying gold around 12...

A nice bearish attempt has taken place in Gold spot after hitting a high of 1329 on October 8, 2013. Gold has witnessed a decline of 78$ form its recent top as we mentioned in our previous post and now trading at $1282. Now a falling wedge pattern is clearly visible on 240 min chart which is considered as trend reversal pattern. Current moves also qualify a wolf wave sequence which has triggered the entry at point 5 and indicating a retest to the line drawn by connective 1-4. Inverse Head and shoulder pattern is also visible on hourly chart which has neckline resistance at 1290 and any successive penetration of neckline may lead a rally of $30. Bullish divergence on MACD is indicating weakening bearish momentum and trend reversal is likely. Any Failure below 1260 may neglect our current bullish expectations and then metal would try to head towards 1180 and more down side. Whereas stability above 1260 remains bullish and recovery above 1290 would bring more charm and then commodity wil...

As we can see in chart provided above, a nice down trend has been apparent in Gold spot. Commodity has recently broken through the support line of symmetric triangle and headed a low of 1277 after break down. The Base of this triangle has the range of 82$ which hints a decline of 82$ from the breakout level which was around 1320 zones. As per the triangle breakout now gold has the potential to hit 1240-1234 zones. 14 and 40 days EMA pair has been working well in this commodity and now 14 days EMA has given a bearish cross under 40 days EMA that also indicates that a down trend is in place. Immediate resistance is now placed near 1320 and then 1340 zones. Any sustained move above 1340 zones may negate the recent bearish developments of this commodity and then it may try moving towards 1390-1400 zones otherwise metal is open for a retest to 1240-1233 zones.

Gold approaching down sloping trend line of descending parallel channel and 50 EMA on 240 minute chart and testing lower line of bearish flag within this channel. Gold bulls need to show more power to establish a bullish direction above 1730 zones. Stability below 1730 still looking supportive for bears and whipsaw trades may trap both sides. MACD hovering under zero line supports a bearish trend and stability needed above 1730-35 zones to neglect the bearish signals.

Sign of classic bearish bat pattern has appeared on Gold 240 minute chart which completes at 1654. 14 period RSI also respecting ascending trend line and making higher lows, also supporting short term bullish outlook for this metal. 1526 will be key support for this outlook and failure below 1526 may trigger further bearishness that may take it to 1511-1455 in coming days otherwise it is likely to move towards  1616-1654 zones before further down side. Supports : 1547-1526-1511-1455 Resistances : 1580-1616-1640-1654 Recommendation: buying gold around 1550-1560 for targeting around 1616-1654 with stop loss below 1526 on 4 hours closing basis might be appropriate. 

Bullish harmonic structure has appeared in gold and trading near potential reversal zone. At the same time stochastic indicator showing overbought reading these are the reason that are suggesting gold may turned back from 1612-1585 area and this reversal may take it to 1643-1692 in coming days. Recommendation: buying around 1612 add more in longs around 1585 for targeting around 1643-1692 with stop loss of 1570 on 240 minute closing basis might be appropriate .

 On daily chart gold moving in descending triangle having 1675-82 zones as stiff resistances, breakout above 1682 on daily closing basis would signal primary rally till 1760-1810 over midterm time frame. Immediate support seen at 1618 break below this level is less likely. Breach of 1618 zones would signal a decline that will offer 1570-1530-1470 as down side targets. 

As per 4 hour chart gold is weakening technically and it seems that below 1750-45 area this can attract more sellers. Respect of 1745 zones is less likely, failure would confirm a decline till 1705 zones. 1790 zones will remain key resistance above 1790 bullish move can’t be ruled out for 1819-1840 primary trend on midterm will remain bullish short term selling pressure can’t be ruled out below said support. Bearish divergence on MACD indicator is suggesting big money is not flowing in market. Below 1745 2 major reasons will attract big players that are failure of support and MACD falling below 0 line confirming a strong failure below expected support. 

After a deep analysis of gold weekly, daily and intraday 240 minute chart i found that gold is still bounded in a range of 1650-1720 zones. a nice drop seen in gold prices few weeks ago and and now it is trying to retest of its previous support (now resistance) of 1700 mark. on intraday 240 minute time fame its bounded in a range between 1650-1685, a breakout above 1685 would confirm an advance till 1704-1722 zones. a failure near immediate resistance around 1685 would signal a decline and gold will try to test 1632-25 mark in very short term and this failure near resistance 1685 may invite more sellers to streets and gold may decline further till 1500-1480 area. After a successful breakout above 1685 level an advance till 1704-1722 levels can't be ruled out. as per intraday hourly chart gold is moving in a range of 1685-1652 since 11-10-2011 and making a possible head and shoulder reversal pattern, head of this pattern is at 1692.10 made on 12-10-2011, and neckline support seen ...

Comex gold cmp 1623 it has broken down sloping trend line resistance of descending triangle, now suggesting target 1670-78 zones if manage to hold above 1635, a break below 1595 is unlikely , if manage to hold below 1595 then 1580-1502 will be next destination , usd index is looking weak technically some selling pressure may appear in streets if manage to hold below 78.75 that will be a supportive sign for gold bulls cmp 79

Ascending triangle during down trend suggesting that gold will try to resume its preceding trend after a failure below 1630  gold may fall till 1595-1502 zones, penetration above resistance line is unlikely , if manage to hold above 1680 then a rally up to 1720-33 can’t be ruled out.