There are two hurdles to continuing the uptrend. It should break out the 5th May high or settle above the control line.
According to the above chart, Gold is forming a bullish flag pattern. And we’re waiting for a breakout of the flag pattern. This breakout will skyrocket the gold price, and we can see 6400+ points of bullish movement here. Long-term target for gold 58000 – 60000.
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Nifty has started its indecisive movement again. Triangle is the best example of a choppy correction, and the break of the structure can give us an excellent opportunity for trading decisions.
Price Action Perspective:
Currently, the price is at the control line of the parallel channel.
Traders are getting trapped in the choppy move of the market. It is hard to take swing decisions due to indecisive movement. If you are waiting for a good swing trade, you can consider the range of 17400 – 17000.
If the price sustains below 17000, traders can expect good selling up to 16900 – 16821 – 16769 below. But safe buying is only possible above 17400, and it can go up to 17600 – 17768 – 17843+.
If you are our premium subscriber, kindly wait for intraday future & option setup.
MSFT has accomplished the corrective wave (b) and started falling for wave (c) of wave (4).
Traders can expect the following targets: 289 – 272 – 265 for wave (c). Here, 273 is the Fibonacci level of 50% of the wave. This level will act as a crucial level.
An uptrend is only possible after the breakout of the parallel channel.
Invalidation is available for premium subscribers only.
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Did you read the gold report? If not, click the below link.
22 Feb 2022: MCX Gold’s Bullish Mode Activated
While the gold price at 50532, I had written, “we will see the gold price above 51160 – 51740“.
Today, it has touched the first & second target. Who bought it? Profit per lot: Rs.1,20,800
I have updated a full report of Nickel on Feb 6, 2022. Did you read it? If not, click the below link:
2020’s Uptrend Channel Is Everything For MCX Nickel
I had written, “It’s a 100% sign for a buy signal. But intraday or short-term investors should confirm that breakout before proceeding. And they must look out for candle’s fakeout. Afterward, be ready for the targets of 1800 – 1840 – 1876+“.
Today nickel has touched all targets. Who bought it? The target was 133.4 points. Profit per lot: Rs.2,00,100
What else do you need from a free subscription!?
Did you read the 26 Jan 2021 article on Gold?
Article: Don’t Get Yourself Into a Bull Trap With MCX Gold
Wherein I have highlighted a strong resistance (SR) which is 49280. It has broken down on 14 Feb 2022. That indicates the MCX gold uptrend is unfolding here. If it consecutively remains above the SR, we will see the gold price above 51160 – 51740.
The following indicators have been indicating impending advance:
ADX, DMI, and MA
Watch significant releases or events that may affect the movement of gold, silver, and crude oil.
Tuesday, Feb 22, 2022
19:30 S&P/CS HPI Composite – 20 n.s.a. (YoY) (Dec) – Medium Impact
20:15 Manufacturing, Markit Composite, & Services PMI (Feb) – Medium Impact
20:30 CB Consumer Confidence (Feb) – High Impact
Thursday, Feb 24, 2022
03:00 API Weekly Crude Oil Stock – Medium Impact
19:00 GDP (QoQ) (Q4), and Initial Jobless Claims – High Impact
21:00 Natural Gas Storage – Low Impact
21:30 Crude Oil Inventories – High Impact
22:30 FOMC Member Mester Speaks – Medium Impact