Understanding the trend of Gold with application of basic and advanced Technical analysis!
Diwali is around the corner. As we all know Indians often buy precious metals like Gold and Silver on different festive occasions and one of them is Diwali! However one should not do investment or trading only based on philosophies or sentiments but one should have objective reasoning to buy the specific asset class. Since the start of 2017 Gold has provided positive returns and has moved higher from 26900 to 30400 level. Now just look at the below chart of Gold to understand whether is it right time to buy or not? This is the part of research taken from “The Commodity Waves Short Term Update”.
MCX Gold Continuous Daily chart:
(Part of research taken from Commodity Report)
“In the previous trading session Gold moved higher towards 29950 level and tested the channel resistance. Post the same minor pullback was witnessed on downside.
(Research of daily chart is not shown here which is original report)
Prices have now exactly arrived at the channel resistance which is intact from last 2 months. So from here on we need decisive break above 30000 level which will indicate that uptrend is continuing. This possibility will remain open as long as 29690 is intact on downside. There is negative divergence but yet there is no break of support level which will keep trend on upside.
In short, Gold has arrived at the channel resistance. Move above ……”
To trade Gold, Silver, Crude and Copper with Elliott wave theory and important levels, you can get access to “The Commodity Waves Short Term Update”.