bullion tips

Gold is taking reversal from the strong support (SS) level (48635). And at present, it’s very close to the SS. Can we see a reversal again?

If gold remains above SS, then it can touch the following levels: 49000 – 49200 – 49400

But according to RSI, MA, & DMI, it seems in a downtrend. So, if MCX gold breaks the support level, we may see the following targets: 48460 – 48260 – 48000

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MCX Gold is collapsing after making the all-time high of 56191 (swing high). It has created a parallel channel in December. Gold prices are rising here. If gold breaks the dynamic resistance without fakeout, it can touch 51000 – 52000 – 52384 levels at the beginning of 2021.

And if gold breaks the parallel channel and retracement value of 0.618, it will become unstoppable and hit the following levels: 48800 – 47800 – 47296 – 46000 – 45196

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This is MCX Gold 15 minutes chart (Heikin Ashi). It is bouncing from the hurdle (support). And if we look at the Gold Spot, the RSI is bullish and calls for further upside. Hence, MCX traders can buy for the following targets: 50060 – 50120 – 50200.

According to MA, EMA, and DMI, it’s bearish. If it remains below to hurdle, intraday traders must sell it for the targets of 49860 – 49800.

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