Gold: Revisiting 200 days SMA, Can offer Good Selling Opportunity

Gold on mcx has opened with an upside gap and heading higher since its opening and currently trading at 26441. It has climbed above its down sloping trend line resistance and now approaching towards a congestion zone that stands around 26490-600 zones. Areas of 26540 are also resisted by 200 period’s simple moving average on daily chart. Stochastic has reached in overbought territory and may bring a temporary pause or correction near key resistance zones around 26540-600. Any sustained move above 26600 with 2 or more consecutive closes will supply more power to gold bulls and then we will see this metal heading towards 27000-27400 zones.

Recommendation: one can look for selling opportunities near 26540-600 zones with a stop loss above 26870 for targeting 26200-25900-25450 in short term.

Comments

First step towards becoming Financial Independent...

Success is not getting a highest paying job but success is when you get enough free time for yourself you can do whatever you want you can go wherever you want to go without concerning about your job and effecting your lifestyle. Generally people waste their early age in preparing for govt. Jobs and they put their energy and time for preparing job but among those only few people get the govt. Jobs and rest stay jobless with wasted time of 3 to 5 years of their graduation and mostly spend their life jobless or with mediocre salary. In India people In their early age after graduation don't have much pressure from family for earning and they usually use this time to prepare for competitive exams for job and take some courses and among them only few people get job and rest remains jobless and then they keep blaming the system for their unemployment. Let's take an example to understand magic of starting earning and saving in early age. Because in ea...

Nifty has given 40% Returns from March lows; Whats next are we ready for a decline?

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

LET THE MARKET TELL WHO WE ARE

Search This Blog