Rising wedge on gold hourly

09/11/2017,
06.03 pm.
gold hourly chart.

Looking at this hourly chart,, we can easily see rising wedge on gold price. Don't take it as higher top higher bottom formation because bottom's are also higher in nature. This is the reason behind my suspect of future fall after price will get resistance at resistance line of the wedge.

Warning -- this is not trading recommendation. I did this analysis for hobby only.

update 1 ... 08.05 pm 

As you can see in the chart, we shorted this commodity nearly at the top i.e. around 1289 dolors. Now it is trading at 1284. So place the stoploss at cost to cost and enjoy the show. thank you.

Update .. 2, 11.00 am, 10/11/2017

Yesterday, we shorted gold at 1289 & placed sl @ the same price mark after price went down towards 1284 below supportline of rising wedge. Price again went up towards 1288.77, but our sl is safe till now. this second day of position and price again hovering below support line of wedge @ 1285. In Indian rupees, for mcx parallel price of entering the trade was something around 29680. CMP on MCX is 29570. SL is safe. So we can book little profit here & maintain sl cost to cost, i.e. 29680. Look @ below given chart of MCX gold hourly. 

This is the MCX hourly gold price chart. Again suggest you to book little profit and place sl ctc.

update 3 , 06.13 pm, 11/11/2017

while entering the gold short trade, we got chance to short it @ Rs 29680 MCX & 1289 dolors as shown in the chart. Yesterday close price was Rs 29471 & 1275 dolors. So friends, book full profit & exit. We got 200 rupees, that means Rs 20000 in single lot. enjoy it, Jay Shriram.