GOLD COMEX LOOKS WEAK ON DAILY CHARTS

 

GOLD COMEX:

Spot Gold CMX Took Resistance around Rising Channel Resistance around 2710-2700$. Previously these levels were acting as support, now the Support is acting as Resistance. As we already mentioned Till Gold Comex Closed above 2710 We will not eye for any long Position, And now expecting Correction in GOLD COMEX and GOLD MCX from Current Levels of 2686, Those looking to take fresh position can initiate short position in GOLD and Hold Shorts with Stoploss for 2710$ in closing basis on hourly charts i.e. Till GOLD CMX Closes above 2710$ one can hold Short positions in GOLD.

GOLD COMEX SHORT TERM OUTLOOK

 

GOLD STOP COMEX 30TH NOV

GOLD CMX FUTURE OUTLOOK:

Gold CMX in short team is trading in a Perfect Rising Channel Pattern, Channel Resistance is at 2803-2812$, and before Important Data Release Gold CMX has Seen smart Rally and we expect some amount of profit booking from resistance levels of 2800-2810$. Those Holding Long Positions should once book profits in GOLD CMX and MCX near 2800$ and Those holding short position should place Stoploss above 2820$.

This week Important U.S. Data's are yet to be released

30th Oct: GDP Growth Rate QoQ 6Pm.

31st Oct: Personal Spending MoM 6Pm, Personal Income MoM 6Pm, and Core PCE Price Index MoM 6Pm.

01st Nov: ISM Manufacturing PMI 5.30Pm, Unemployment Rate 6Pm, Non Farm Payrolls 6Pm.

BANK NIFTY OUTLOOK MAY 2024

BANK NIFTY:

Trading in Rising Wedge Pattern, Currently for the May 2024 Series Stiff Resistance seen at 50200 Levels, Till Bank Nifty Closes above 50200 One should be take long positions on the banking stocks and Bank nifty. On the lower Side Support is seen 47100-47250 Level. Till Bank nifty closes below 47250 Long term investors should continue to Hold banking stocks.