In the last two weeks, MCX gold has lost -2003 points. We may see a continued downtrend up to the support line (Range: 49600 – 49200). Intraday traders can play between freefall by taking it as a target.
As mentioned in the chart, the double bottom pattern will complete when the price fails to break past the two bottoms and heads back to the neckline.
In that newsletter, I had written in bold words, “according to a moving average and parallel channel’s support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 – 540 – 556+“.
On 16 Nov trading session, copper has made a high of 551 and touched the first two targets.
How many of you bought MCX CPO? I had written, “currently, MCX Crude Palm Oil (CPO) shows an uptrend. By following the ADX, we can say that the trend will rise because ADX is greater than 25 (ADX>25), and +DI is above the -DI. Let’s have a look at the volume. Volume spikes double of the average, so this also shows an uptrend, and it will go to the 900 – 920 – 960+“.
Currently, CPO is running nearby 926 levels.
Accurate entry level, stop loss, and targets are available for premium members only.
MCX Copper is playing under a parallel channel. Currently, it’s at the support trendline. Additionally, there’s a Fibonacci retracement value of 0.886.
The best trading strategy for the day traders is: According to a moving average and parallel channel’s support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 – 540 – 556+.
Important – Due to the election of the USA. From where it starts collapsing? You can sell the copper at/below parallel channel or Fib retracement value 0.886 for the targets of 516 – 506.
MCX Gold Guinea price setting up for a big rally
U.S election results will come soon. Today, we have chances to see solid movements in MCX’s bullion sector commodities. And Gold Guinea crossed 50 MA upper side.
Intraday & short-term traders can buy using this strategy to make some money. Targets: 41800 – 42200 – 43000+
If it closes below 50 MA, then don’t hold your position in loss. I prefer to exit after it.
Gold has made a Doji in the weekly chart. It’s a direct sign of a reversal. And wherein ADX is less than 25 but +DI above the -DI. Additionally, the 20 MA line is trying to stay downside.
In short, DMI & MA is throwing a strong upward signal. Moreover, its volume is increasing. This week, we have chances to see gold prices above the 51860 levels. The day traders can follow the following targets: 51000 – 51360 – 51860+
And short-term investors can hold for 52000 – 53000 – 53560+ levels.
All you need to do is watch out for a dynamic support trendline. It should remain above it. Else, it will start falling. And that downfall for the levels of 50000 – 49600 – 49360.
Significant releases or events that may affect the movement of gold & crude oil: Monday, Nov 02, 2020
11:00 – Gold Index
Tuesday, Nov 03, 2020
05:30 – U.S. Presidential Election
Wednesday, Nov 04, 2020
02:00 – U.S. API Weekly Crude Stock
21:00 – U.S. Crude Oil Inventories
Crude Oil Price Setting Up For A Downside Price Rotation
First, let’s talk about the previous update of crude oil . There, I have drawn the symmetrical triangle bearish pattern on the hourly chart of MCX’s crude oil.
I had written for the day traders, “…the last expected stop is at E. So, we may see crude oil at/below 2840 – 2820 level”.
THESE TARGETS HAS REACHED.
And for the short-term traders, I had written in bold words, “this symmetrical triangle base range is 378 points. So, the game will begin whenever crude oil will breakout the triangle pattern . Downward breakout’s targets: 2610 – 2500 – 2460“.
Crude oil has touched the first target (2610) by making a low of 2606 level on 29 Oct ’20. Now let’s come to the point, will crude hit the second & last target or not?
CRUDE OIL DOWNSIDE BREAKOUT ALERT! If crude oil prices break out the 2600 level, we will see 2540 – 2500 – 2460 levels before the weekend.
Please note that don’t sell it above the 2600 level.
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