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Did you read MCX Gold’s Previous Research Report?
Click here: Will gold’s uptrend survive till the 60000 level?
I have written clearly, I don’t see any reversal sign still yet. Hence, we can expect 56800 – 57000 – 57200+ levels.”
Timeline:
[20 January 2023]
Will MCX GOLD reach the final target of 57200? I will update further information soon.Continue reading
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Click here: Will Gold survive above the 55000 level?
I had written clearly,”Currently, gold is showing a bullish sentiment, which may lead to the following targets: 54740 – 54900 – 55000+.”
Timeline:
[13 December 2022]
If you have traded this setup, you could have made more than 900 points in just two trading sessions. (To become a subscriber, subscribe to our free newsletter services. Our service is free for all.)Continue reading
Timeframe: Daily
After making a high of 9996, the price started forming a descending channel. The channel has been occurring for more than 39 weeks. 7735 was a crucial resistance level where the price tried to test for three attempts but failed to maintain bullish momentum.
The price has broken down the descending parallel channel and closed below the recent lower low to create a new low. Bearish momentum can lead price to the following targets: 5700 – 5600.
Trade will be invalid if the price sustains above the upper band of the descending parallel channel.
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Timeframe: Daily
MCX GOLD has broken out of the 10-week-old upper resistance band of the parallel channel and moving forward to the crucial resistance of 55000.
After breaking the swing high of 53663, the price faced resistance until demand pressure turned the level into support. Currently, gold is showing a bullish sentiment, which may lead to the following targets: 54740 – 54900 – 55000+.
Note: the resistance line is currently providing support after the breakdown, but closing into the channel will increase selling pressure.
We will update further information soon.
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According to the above chart, gold is playing between the green area. Currently, it’s close to the 50100 level. This level breakout will hit hard on MCX gold prices. And we can see the following target prices in the upcoming days: 49880 – 49500 – 49160
But what will happen if it remains above 50100? My answer is straightforward for you. STOP SELLING! This level can turn off the downtrend, and gold prices will start moving forward.
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