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As per the above chart, the parallel channel’s uptrend line can use as a stop loss.
Hurdle: 162.6
Based on the current trend:
Uptrend targets: 165 – 170+
Based on Fib. Retracement:
Downtrend targets: 158.2 – 152.2 – 149.2
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Gold has made a new high as per the last update based on Elliott wave theory. You can check the last updated chart: This GOLD Elliott Wave Will Confirm The Next Move
For intraday traders:
If that is a right shoulder, C (T1) and C (T2) are the next targets. S RSI is confirming the downtrend by crossover.
For the long-term investor (Hurdle Breakout):
T1: 47560
T2: 47260
T3: 47000
Invalid: Above 48400 OR Head.
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The positive trend will start after a breakout of hurdle.
Targets: 951 – 936 – 925
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As per the following chart, MCX natural gas is under downtrend for a short period. Without fake-out, commodity natural gas prices may drop for 118 – 116 levels below.
How about E? If its price remains above the support, we will see 126.6 – 128+ soon.
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