As per the chart, MCX Gold will keep moving upward for 45500 to 46000 after a short reversal (43800 – 43500 levels).
Although COMEX Gold futures (CFD) need to breakout/close above to the last candle to continue the uptrend (for 1720 – 1740+ levels).
For a short period, we can expect 1650 – 1600 levels.
Remember, Never sell above 1691.7 level.
Trading strategy for Silver
Upper trendline breakout will initiate buying pressure for 48000 – 49000 levels. And under the upper trendline, 46000 – 45000 – 44600 expected.
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Bearish shaved head candle indicating continuing the downtrend for 3100 – 3000 below. The first rule is, the next candle should not be positive. Otherwise, it will start recovering the previous loss (3300 – 3400).
If gold breakdown a flat resistance line, it will fly in the sky. Gold will pressurize by speculators up to 41400 – 41600 – 42000 levels.
Remember, it could happen by a complete breakout of a flat resistance line only.
Hurdle or ascending support trendline breakout indicates to stop buying. It will fall the prices up to 39560 – 39260 level.
For trend identification, check this 15 minutes intraday chart of gold. Keep eyes on a lower trendline before initiating a position. Further information will update soon for the premium subscribers only.
Here’s the One Silver Chart to Watch
Gold can influence the silver price upside up to the upper trendline. As per the technical analysis, currently, it’s under downtrend. As described in the above chart, It may keep falling for 45600 – 45000 levels.
Look at the many times tested level, this can drag the silver price up to 46400 – 46600+.
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