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.

GOLD TREND and ANALYSIS (March 2021)

 Gold Comex is trading near channel support levels of 1680-1690$ One can Go Long at these levels, Also its trading at 20 Months average of 1691$ per ounce. We may see commodity resuming its uptrend.

https://in.tradingview.com/chart/GOLD/pYHrKmd5-GOLD-Near-Support-Levels/

Will SILVER Head towards Higher Levels from 50500 levels ??

SILVER MCX

SILVER MCX has seen Fresh Breakout above 49300, sharp up move has been seen in the SILVER MCX once it broke 49300 on the last Friday Trading session,

Now these levels around 49300-49500 will act as support for the SILVER, on the upside Resistance is seen around 51500 levels, Fresh up move will be seen only once SILVER MCX sustains above 51500 levels.

Strategy: Go Long in SILVER MCX Around Support Levels 49300- 49400 Levels on correction for the Targets of 51500- 53500 with the stoploss placed below 48300

SILVER COMEX

SILVER COMEX has support Zone of 17.55$ to 17.45$ As marked with the Zone in the Chart and on the Upside 18.50$ is the Resistance zone.

As the Trend is Up we may also see Silver Breaking the Upside Resistance of 18.50$ once Sustains and closes above 18.50$ we may see further upside in the SILVER COMEX

GOLD MCX JUNE 2020 PREDICTION

GOLD MCX

GOLD MCX trading around resistance levels of 46950 and if GOLD MCX sustains above 46950 we may see upside in the GOLD MCX and It can again head towards levels of 48000- 50000 in the coming days.

If GOLD MCX do not sustains above levels of 46950- 47050 We may see Gold MCX again heading towards channel support levels of 45600-45500. 

Strategy to Play: So right now we are trading at make or break levels which should be played on the long side with small stoploss and once Stoploss is hit one can reverse the position to short.

GOLD COMEX

GOLD COMEX is trading in Rising Wedge Technical Pattern (Marked with Blue Lines in the chart Above) Support Zone for the GOLD COMEX is 1725- 1735$ Per Ounce.

One can Buy with Targets of 1772 $ and Stop loss Below 1710$.

You Can Use These Levels to Play GOLD MCX MINI (Take you Own Decision and Analyse you Risk Capacity Before Entering into position)