Gold broke resistance of 31151 upwards & entered in bullish zone.

Gold in bullish zone

As seen in attached hourly chart gold price broke the resistance of 31151 & sustained above it. Next resistance is placed @ 31341 around. Now 31151 mark will play as support as rule of polarity. If gold break R2 it can zoom up to 31800 around.

But looking @ steam of upmove , chances are bleak that it can spike up to 31800 level. Bull power indicator is placed around 200 and maintaining itself above 0 mark.

Trade according to given levels, use sl to protect capital, wish you happy trading.

24/07/2016 , Gold buy above 31151, sell below 30669 

As stated in heading, one can go for buy if gold sustained above 31151. But looking @ moving averages and bear power, I dont think that anybody can see the price above 31151. On the other hand, if price broke the 30669 level and sustain you can see big down fall. I will never trade between these two levels, 30669 to 31151 is " no trading zone " for me. Wait for any level to breach, waiting for good level to trade is most important part of trade.

update 1, 26th july 2016

houly chart gold mcx 

  As seen in ataached chart, gold price touched R1 and returned back in no trading zone. This is the power of level's mentioned in charts. Yesterday I said that, go short below 30669 if sustained. In circle , you can see price touched exact figure and returned.

Now wait for either levels to break and only then enter in position, long or short.