Can We Expect GOLD Price Above 56000 again?

According to this chart, gold is reversing downward after making an all-time new high of 56191. Its support level is 53800. You can take this level as a hurdle too. We may see a correction up to this after the breakdown of DR.

This dynamic resistance will initiate buying pressure for a short period. We have chances to see 55600 (T1) to 56000+ (T2) levels.

Moreover, for short-term investors, I don’t recommend selling the gold until the breakout of my support. Intraday traders can enjoy price fluctuation, consolidation, and sideways movement.

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5 Comments

Vignesh Jayabal says:
August 9, 2020 at
Is it daily chart?
Reply ↩
1. MoneyMunch says:
  August 9, 2020 at
  No, that’s an hourly chart.
  Reply ↩
Akash Singh says:
August 9, 2020 at
Sir what about silver chart?
Reply ↩
Ashish Gupta says:
August 9, 2020 at
I’m going to do cash deposit tomorrow. Is it okay sir? offer is open na?
Reply ↩
1. MoneyMunch says:
  August 9, 2020 at
  Yes, you can make the payment through cash deposit. Special offers will remain available on MCX plans for a short period. We will announce the closing date & time soon. Thank you!
  Reply ↩