Gold post making a high near 31400 has been moving towards lower levels. Many try to link Gold movement to that of Equity markets but to be honest there is no specific relation that exists. We have seen unprecedented rise in Gold both in INR and USD during the period of 2002 to 2011. Post that Gold in USD started the downward cycle. So many would now try to link Nifty at new highs and Gold at lows. But to be honest they move more independently that in correlated fashion!
We have been able to capture various reversals and swings in our daily research report ”The Commodity Waves STU”. Below is the chart and research published in our report.
MCX Gold Aug 60 min chart:
(Below is extract which was published in our research report)
COMEX Gold has been making red candles since past 4 consecutive session indicating lack of momentum on upside. As long as 1235 is intact on upside bias remains sideways to negative.
As shown on daily chart of MCX Gold, we have added 50-days EMA. This EMA is working very well it was acting as support when prices were moving upward and now it is acting as resistance as prices are moving towards lower levels. One can rely on 50-days EMA to initiate any fresh positions. (chart shown in morning research report)
As shown in 60 mins chart of MCX Gold, wave (a) is ongoing on downside. Post making a low near …. levels prices are taking resistance near its upper trendline so bias remains negative as long as resistance is intact on upside. Further break below …. will infuse selling pressure.
In short, trend for Gold is …..
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