Gold has been moving in a range since past few sessions. It has been moving in a broad range of 38200-37800. During such trend it is best to use the Bollinger Bands technique.
Bollinger Bands are volatility based bands placed above and below a moving average. The middle band is Simple Moving average that is usually set at 20 periods.
Look at the below chart of Silver from “The Commodity waves short term update” a daily research report
MCX Gold October 60 min chart:
(Following is the gist taken from research published on 27th February, 2019 in “The Commodity Waves Short Term Update”)
On the hourly chart of MCX Gold, prices are moving sideways. During sideways market the best technique to use is Bollinger Bands. The upper end of the band will provide the resistance and the lower end will provide the support. We are showing Bollinger Bands on the chart and prices have been moving precisely within the area of the band. Currently prices are near the lower area of the Band a decisive break below 37800 can take prices towards…. whereas on the upside a break above 32800 would push prices towards ……….
As per wave theory we are moving lower in the form of an ending diagonal in wave c.
In short trend for MCX gold is range-bound. It is better to wait for the break of pivot levels to initiate fresh positions.
To know what will be the next move of Gold subscribe to our daily commodity report. It also covers short term view on Crude, Silver and Copper, Register here
We provide Intraday / Positional calls on these commodities along with research reports using these techniques through WhatsApp, SMS. For more details, click here