gold hourly
As shown in the hourly chart of gold, you can see price came out of bear wedge giving a valid down ward breakout. So I sold gold at 1290.27 and on MCX India 5 Feb contract on Rs 31,645.
Price took resistance from 78 % fib level and return downward. It may be correction or just a pull back. I don't care about that. I want little money from this trade set up and thats it.
Jay Shriram.
First updae 01.06 pm IST
gold hourly
MCX India gold 05 Feb contract price is Rs 31570 and $ 1283 on CFD. We have now 75 rupees profit, so book half the profit and trail your stoploss.
As you can see price broke out from bear wedge yesterday and fall vertically till 50 % fib level. Took support there for 8 hours ( 8 candles ) and fall again. Price is resting on last fib support of 23 % now. Lets see, what will happen. Now we book half of the profit and using trailing sl method to protect remained profit. So guys, we have nothing to loose. So enjoy the scene chatting Jay Shriram.
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ReplyDeleteThe MCX Gold rate showed downward side trend and it also ruined its main support level of the 33650 but rapidly it also took reverse trend from lower side to higher. For future session, if rate trades underneath the 33600 then yet again bearish bias will be lively towards after that support height of 33400.
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The Gold rose to a 2-week high on this Friday, holding over the $1,500 a little psychological level, as weak Unites State economic data spurred prospects for one more interest rate slash by the Federal Reserve, even as palladium scaled a new peak.
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