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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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