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...

Happy independence day!!! We are celebrating 71st independence day but what about financial freedom? Large number of people in this country give up their desire just because they can't afford. People who have batter financial management become wealthy in other words people who know how to make their money to work for them become rich and achieve financial freedom. No matter how hard you work, how much you earn if you can't manage your finance properly you would never achieve financial freedom. To prove my point let's take an example of two people. In early 2000 two persons, person 'A' and person 'B' employed in small shops in small town earning 3000 per month as salary. Person 'A' bought a colour TV which was costing nearly 25000 at that time and person 'B' bought a plot of 100 yards with that 25000 rupees. After 10 years that TV's value depreciated to 2500 from 25000 and that plot turned into an asset of 25lks... This is how properl...

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 has been trading in a rectangle ranging among key support of 28200 and resistance at 30800 from past 7 months. Recently commodity has broken through the support of 28200 and headed a low of 27770 during bearish attempt but couldn’t get enough selling forces and climbed back above 28200 in next trading session. Today again Metal faces selling pressure near 38.2% Fibonacci retracement of entire bearish swing from high of 30737 to a low of 27770. MACD has given a cross above signal line but holding below line zero that indicates downward momentum in this commodity. 10 days SMA is also below 40 days SMA that qualifies as a sell signal based on moving averages. Immediate support is now placed at 28200 any sustained move below this level would confirm resumption to preceding down trend and then commodity will try hitting 27800 zones as primary target whereas further stability below 27700 would result in a decline towards 27200-26100 zones in coming days. Recommendation: Selling gold o...

Head and shoulder top reversal pattern is appearing on Gold MCX daily chart. Gold has broken the up sloping neck line support of this pattern and now retesting that broken neckline near 27900 zones. Metal has placed immediate support around 27550 further stability below this level would attract more supply in this commodity and then a retest to 27200-26800 zones may take place. MACD is hovering near zero line and getting ready for a bearish cross below its signal line that would bring strong bearish momentum in this commodity. Recommendation: Selling gold on jumps around 27850-900 zones, with stop loss above 27950 (closing basis) for targeting 27300-26900 might be appropriate for short term. Currently trading at 27782, traders are advised to enter in said range only.

Gold on MCX headed a an intraday low of 25373 on Monday in morning session and then nicely recovered in evening session and closed above Fridays closing prices. 1 day spike near key support of 25300, qualifies as Eve and Adam double bottom formation. Stochastic has been moving in oversold territory and now trying to offload oversold reading with a bullish crossover under oversold line. Now bulls eyes will remain at 27450 and sustained rebound above the same would result in a rally towards 29000. Areas of 25300 are likely to act as good support but in case of failure of this support decline may extend towards 23800-23500 zones. Appearance of Eve and Adam double bottom near 25300 suggests a worth buying opportunity in this commodity and one can look for longs in range between 25900-25700 as per his risk taking ability. Accumulation can be done in mini lots, traders can start buying mini lots of gold from 26000 and can add 1 more lot on every decline of 100 rupees till 25400 zones for ta...

Gold MCX June contract has been trading in a nice down trend and headed a low of 29580 which is life time low for this particular contract. As we can see in chart provided above, metal turned back from key resistance of 20 days EMA and descending trend line and now trading below 10-20 and 50 days EMA which indicates a down trend on short term and midterm time frame. MACD is hovering under zero line and now getting ready to cross under signal line which would be added advantage for Gold bears. 14 periods daily RSI is under 50 and hints bearishness in this commodity. Price objective for bulls is now placed at 30100. Any recovery above 3100 may help this metal to jump towards 30250-30400 zones. Stability below 30100 zones keeps bearish scenario intact and this decline may extend towards 29200-28600 zones in coming days. Recommendation: as per charts and explanation above, selling gold on jumps around 29800-29900 with stop loss above 30100 on closing basis for targeting 29250-28900-286...

Gold April contract has broken longer term rising trend line on daily continuation chart and now fluctuating near support line of longer term rectangle which stands around 30700 zones. Gold bears need to show more power very soon by producing closing below 30650 zones for 2 consecutive days. Respect of 30650 may witness a recovery from current levels and a bullish attempt towards 200 days EMA, which stands at 31150 can’t be completely ruled out. 14 Periods RSI hovering near potential support of 30 and may help bulls to produce some bullish momentum. Over sold reading on stochastic may trigger higher fluctuation and may help bulls to push this metal higher towards areas of 31000. A majority of Technical indicators suggest bearishness in this metal but entering near areas of 30730-680 zones may be worth buying with a closing basis stop loss below 30600 for targeting 31000 and more. Closing below 30600 would trigger further weakness and a dip towards 30300 and then 30000 is likely.

Gold closing below 29160 that is main support of consolidation pattern and signalling more bearishness. 29270-29370 areas will remain strong resistance and fall may extend till 28700-28600 to taste descending support of parallel channel. MACD below zero line and 14 RSI holding below 50 line supporting bearish outlook. Resistances: 29270-29370-29440 Supports: 29100-29900-29600 Recommendation:  selling gold around 29180-240 for targeting around 28900-28700 with stop loss above 29310 might be appropriate. 

Sign of potential harmonic structure has been seen on 240 min chart of mcx gold, which completes at 29256. Gold made low of 29225 and currently trading at 29283 and nice buying interest seen near expected support of 29250 zones. Stochastic with overbought reading also suggesting a recovery from these levels.   Supports: 29200-29100-28900 Resistances: 29450-29750-30150 Recommendation:  buying gold around 29250-200 for targeting 29430-29650 with stop loss below 29103 might be appropriate. 

Gold mcx moving in a descending channel and now tasting support line of this channel. At the same time bullish crab harmonic structure seen which completes at 29435 and gold may jump after hitting low around 29440-430 zones. Bullish divergence on 14 period RSI indicator also supporting our reversal expectations. Supports: 29430-29100 Resistances: 29660-29770-29920 Recommendation: buying gold around 29455-435 zones for targeting 29630-770-29900 with stop loss below 29400 on hourly closing basis might be appropriate. 

Gold on MCX struggling near descending resistance line of symmetric triangle at the same time 14 Period RSI moving above 50 with ascending support suggesting bulls are in action, breakout in expected direction may trigger a good bull move on MCX immediate resistances are 28815 and 28950 stability above these resistances would offer 29400 as primary resistance above that rally till 31000-31500 can’t be ruled out according this technical pattern. Recently short term SMA 20 crossed above SMA 55 is also supporting bullish view. Immediate support seen at 28300 failures below 28350 may neglect our bullish expectations. Stability above 28950 zones needed to confirm this bullish breakout entering in longs would be good idea during pullback after confirmation of this bullish breakout. Recommendation :  our outlook will remain neutral, and watching price action near resistance we will enter in longs during pullback after confirmation of breakout. Resistances : 28815-28950-29...

Sign of potential reversal pattern has appeared on daily chart of mcx gold which confirms bearish breakout below 27300 that is neckline support of HEAD & SHOULDER reversal pattern. 2 consecutive closes below 27300 would offer 25000 areas as target, immediate resistance seen around 28080 above 28080 retest to 28400-450 can’t be ruled out but till gold mcx trading below 28950 it will remain bearish and likely to taste 27750-400 as per primary bearish swing further confirmation we will get after 2 consecutive closes below 27300.