Gold has been showing its shine since the start of year and showed a recovery form the low of 32000,with the equity markets being in frenzy is Gold proving to be a safe investment? Prices are near the high and have arrived at a crucial juncture. The price action hereon becomes crucial to watch and it will be important to see if prices manage to sustain near the high or we are to see a reversal on the downside.
Below is the chart published in our daily report “The Commodity Waves STU” wherein we shown detailed research on Gold with important levels to watch.
MCX Gold Continuous Daily chart:
MCX Gold Feb 60 min chart:
(Below is an extract of the research mentioned in our report)
As shown on daily chart, prices are hovering over its blue resistance trendline it will be interesting to see if it manages to break this trendline and extend the rally towards higher levels of 33000. Prices have retraced almost 100% of wave a move in form wave g. Also its 50-days EMA is acting as support on downside keeping the tone positive. Now an important support is placed near 32150 and break of it will be sign of concern.
As shown on hourly chart, prices have witnessed a sharp move on upside towards 32500 levels post touching its support trendline. Wave (a) is ongoing on upside. We can expect some sideways to range-bound action in coming few sessions which will help digest the sharp up move.
In short, MCX Gold trends are range-bound to positive. Move towards ….. levels can be expected. For this outlook to remain valid its 50-periods EMA must be intact on downside near ….. levels.
To know what will be the next move of Gold and other base metals along with precious metals like Gold Silver subscribe to our report under the name “The Commodity Waves STU”. – See here Also avail 2 days free trail for calls.