Channeling technique is one of the most basic and effective method of technical analysis. MCX Gold gave an amazing move on the upside post bouncing from the channel support. We were able to capture the upmove just with the help of channel.
Below is the chart showing detailed analysis published in our research report -“The Commodity Waves STU”
Gold June 60 mins chart: (Anticipated as on 03rd June 2019- Morning)
Gold June 60 mins chart: (Happened as on 03rd June 2019- Evening)
(Below is the extract of the research published in our daily research report)
Anticipated as on 03rd June 2019- Morning: The prices can be seen bouncing off the support level and are currently making a move towards the upper trend line of the channel. Thus we could expect the level of 32400 to be tested immediately. The immediate resistance is placed at 32300 and the support is placed at 32000.
In short the trend for MCX gold seems to be sideways to positive with the immediate resistance placed at 32300 and the support placed at 32000. A break above 32300 will take the prices towards the level of 32400 provided the support of 32000 is held on a closing basis.
Happened as on 03rd June 2019: Prices moved in sync with our expectation and formed a high near 32505 levels in the last session.
We have been BANG ON correct in capturing such moves in other commodities like Gold, Silver and Crude as well. Subscribe to our daily commodity research report published under the name “The Commodity Waves STU”– Check here to get daily updates for the same and ride the trend with the help of reports.
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Below is the sample call which we gave to our subscribed clients on 31st May:
31/05/2019 – 12.06 pm- POSITIONAL GOLD FUT BUY ABOVE 31974 SL 31894 TGT1 32024 TGT2 32094
31/05/2019 – 3.14 pm- POSITIONAL GOLD BUY CALL GIVEN TGT 1 ACHIEVED AT 32024
31/05/2019 – 3.22pm- POSITIONAL GOLD FUT BUY CALL GIVEN TGT 2 ACHIEVED AT 32094