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Key Levels: 46720, 46250. The corrective nature of the latest rebound suggests the Gold decline will continue. A break of hurdle will raise the possibility of the impulsive decline from near 46720. A strong selling signal will come after a breakout of 46250 levels. So, intraday (day) traders can start selling between hurdle and breakout levels for the target of 46000 – 45460 – 44900 below.
But according to the current situation, gold is trying to recover the loss from the last 2 weeks’ events. It can’t be sell until following the above scenario. We can see the gold prices at 48000 – 49000+ in the upcoming days.
Watch significant releases or events that may affect the movement of gold, silver & crude oil:Continue reading
In-depth analysis: Is it the right time to buy gold?
Gold (XAUUSD) and silver (XAGUSD) has crashed in the previous week. Gold has lost -113.585 points (-6.05%), and silver lost -2.14315 (-7.68%). Millions of CFD’s traders have lost money in that week.
Where’s gold’s bottom?
According to technical analysis and fundamentals research, gold can decline more. Gold has broken the strong support trendline (01) and marching for 02. If it doesn’t close above to trendline of 01 in the first two trading sessions, it will be unstoppable through high selling pressure by speculators. And we will see the target price 2.
Technically, the most popular indicators are indicating a complete downtrend. And Stoch RSI is signaling for a reversal. So, it can pull back up to a retracement level of 38.2% or 01 trendlines. If that not happen, gold can lose 81.635 points more.
In the previous week, gold and silver were falls due to economic events and high selling pressures by speculators. For advance traders, watch significant releases or events that may affect the movement of gold, silver & crude oil.
Tuesday, Jun 22, 2021 00:30 – FOMC Member Williams Speaks 01:00 – All CFTC Speculative net positions 11:00 – Gold Index 20:30 – FOMC Member Daily Speaks 23:30 – Fed Chair Powell Testifies
Wednesday, Jun 23, 2021 02:00 – API Weekly Crude Oil Stock 18:30 – FOMC Member Bowman Speaks 19:15 – Flash Manufacturing PMI | Flash Services PMI 20:00 – Crude Oil Inventories 20:30 – FOMC Member Basic Speaks
Thursday, Jun 24, 2021 18:00 – Final GDP q/q | Initial Jobless Claims
MCX gold will keep moving further advance up to the targets of 50000 – 51000 levels. But after the first target, gold will try to take a reversal for 0.382 to 0.236 levels of retracement.
Long-term Targets:51575 – 52492+
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Volume accumulation is confirming a downtrend. Here, the price is in a downtrend. But if you look for the short-term, silver price has started rising nearby the retracement value of 0.382. We may see a bullish reversal from the 0.236 value for 0.382 to 0.5.
MCX silver futures prices may hike to the levels of 66000 – 66600 – 67000 – 68000.
Overall, a clear trend will identify after moving averages crossover.
I have written in clear words, “MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 – 45300. Targets: 45560 – 45680“.
Gold has made a high of 45680 today at 5:24 PM and touched all targets. Approx. profit: Rs.38,000 per lot
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Gold futures preparing to come at $1740 – $1750 – $1760. Day traders must wait for a breakout of the control price line before entering.
The uptrend will end whenever the gold spot price breaks strong support.
Is Gold Going To 45700 Or Higher?
The chart above indicating a clear uptrend continuation. We may see sideways movement before it hits the top of the rectangle.
According to the Darvas box (rectangular formation), MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 – 45300.
Targets: 45560 – 45680
If gold breaks the bottom of the rectangle, don’t buy. And wait for my next update on the gold.
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On 15 Feb 2021, I have written an article on Gold. First, click below & read again: When Will MCX Gold explode?
I have written in that article, “If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement. Targets: 46860 – 46600 – 46000 – 45660 – 45200“.
Gold has touched all targets.
NEW UPDATE: Keep eyes on the retracement value of 0.618. It will act as a resistance.
Targets:44260 – 43600 – 43000 – 42260
Alternative scenario: If gold remains above 45200, it may try to hit 0.382 (TP: 46000 – 46800+).
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