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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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.
As 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.
I had written in bold words, “according to this chart, gold is trying to climb upward after hitting the PC (Parallel Channel). And if it remains into the PC, we may see 51000 – 51500+ levels before the weekend”.
Gold has reached the first target (51000) and made a high of 51454 yesterday. Will it touch the next target or not?
I had written clearly, “The day traders can keep buying above 0.886 value of retracement for the target of 194.6 – 196 and above. Breakout of 199.4 means boom..!!! It can fly from there for 203 – 206 levels”.
Zinc has touched all day trading targets, and it has also touched the positional target of 203. Will it touch the last target 206 level before the weekend?
GOLD SPOT See What These Gann Gan & Fibonacci Retracement Value Say About Trend
Here, I have used Gann Fan & Fibonacci Retracement to identify the next move of Gold Spot. Wherein, it is taking reversal from the 0.5 retracement value (highlighted by green square). And now it’s running under 3/1 & 4/1 Gann Fan value.
According to this chart, gold will keep drilling upward up to $1940. After that, it can fall for 0.382 value of retracement. And a breakdown of this retracement means $1900 waiting ahead.
Overall we can see a bullish trend. That can be for $1960 – $1976 levels before Nov end.
MCX Gold Report: Intraday Pullback Before Acceleration Lower
Gold in Correction Mode..?
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