mcx gold hourly chart
Gold is not my favourite counter to trade with, but today it attract me toward itself. After opening gap up on 15 th March , gold went in to consolidation phase. It moved between 28400 to 29000 for 26 days. Yesterday gold gave upward breakout, crossing the hurdle of 28950 and closed above it, around 29200.
Now as a rule of polarity prior resistance of 28950 became support for the gold price, next support is placed at 28750 around, and third support is placed at 28600. While 28350 to 28400 is a final support.
On the upside first tgt is 29800 followed by 30600. This is not intraday call but a positional one.
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Update 1, 14th April 2017, 02.10 pm
mcx gold hourly chart
You can see, price closed at 29418 yesterday. We gave call at 29200 around. Gold price consolidate little on 12th April and 13th April and break up on 13th April towards 29418. It closed on very positive note.
Now support for short term is placed between 29270 and 29290. followed by 29100 and final support is placed at 28950.
Maintain your longs with trailing sl system, do your trading carefully. Loosing capital is easily done but recovering it is very hard task to do.
Thank you, Jay Shriram.
Update 2, 23rd April 2017
mcx gold hourly chart
Here is mcx gold attached chart. I draw new support and resistance levels for short term on it. Friday closing of gold on mcx was 29384, but on comex it closed higher at 1289 around.
French elections, problem of Islamic refugees, ISIS, Turkey demands, Spain bankruptcy and North Korea, the list is endless. This can push up gold in coming days. Actually French people's are fed up with pseudo secular governments and their policies about refugees from Syria. country has more than 7% population of these refugees. This group of refugees deny to mix with main stream and want to press their religious concepts in France. Intelligence report indicate riots after election results. On the other side, turkey is blackmailing EU, asking huge amount. It blackmail Europe that,' they will open up gates for refugees.' Spain is about to face bankruptcy. North Korea issue is not decreasing yet.
Lets look at our way of trading, which is technical analysis. Rs 29550 is now resistance. It is prior spike high on hourly chart. After crossing it, price can move towards major resistance of 29800. If cross 29800, gold will enter in to medium term bullishness. On the downside 29240, 29200 are the supports. 29100 and the 28950 are the major supports.
So trade accordingly. Thanking you, Jay Shriram.
Final update, 26th April.
We booked loss of 350 points yesterday. Our sl hit at 28900 mark. We did 2 trades in gold, got profit around 100 points in first trade and loss of 450 points in second trade. total loss 350 points, means 35000 rupees.
