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MCX Gold Price Trend Analysis & Tips

free commodity gold calls chart

free commodity gold calls chart

Gold is performing in the parallel channel from 22 Sep. Recently, the moving average has tried to crossover but failed. And volume spike is a direct sign of an uptrend. It’s sharply moving forward.

free commodity mcx & cfd gold spot daily chart & signalsAs I updated on Oct 19, gold is trying to climb upward after hitting the parallel channel. And if it remains in the parallel channel, we may see 51000 – 51500+ levels… And for the day traders, 51000 – 51130 – 51260+ levels.

Please note parallel channel breakdown is not the best place for a short. A better place for shorts is the hurdle line.

Here I have used ADX to identify the trend strength. Gold’s ADX < 25 means the uptrend is weak.

What will happen after a breakout of a parallel channel and hurdles? I will update it in my next update of Gold.

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Mr.Dev, has been in the forex and commodity markets since 1997. He’s one of the few non-biased investment advisors to have correctly called the current bull / bear market before it began and to have positioned his clients accordingly. As a result of his accurate forecasts on Indian commodity markets & currency, he is becoming increasingly more renowned. Mr.Dev has been quoted in many of the newspapers. He is a highly recommended technical analyst by many of the local financial newsletters and advisory services. He also is founder of commodity profit sharing service on Moneymunch.

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