From last few weeks Gold is moving in non trending environment with no clear structure and hence trading in such situation becomes difficult and one should adopt the strategy of capital preservation to avoid financial as well as mental loss.
Let market decide where
it wants to go first and then only one should take position with favorable risk
reward ratio. However it is important to have trading strategy in place rather
than getting surprised when trending move starts. The Commodity Waves Short Term
Update includes Gold, Silver, Crude and Copper with Elliott wave and
MCX Gold April 60 mins chart:
In the last trading session on back of
buying in Comex Gold sharp up move towards 25600 level was seen and post that
throughout the day prices continued to move in range bound action.
As shown in 60 mins chart, prices are
intact in small downward moving red channel and struggling near the resistance
of the channel. However due to sharp rise there is possibility that prices can
trade in range bound action before starting the next short term trend. As of
now prices are in big range of 28870 and 29600, so break of either of these
level is required to witness trending move in that direction. Till that . In
short, wait for break of important level as mentioned ..
Trade with objective techniques,
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