SELL GOLD AT 31250 TGT 31100/31000 SL 31350
Gold: MCX Gold prices have completed Bullish AB = CD
pattern at 31153 levels on hourly time frame. On the other hand, prices have
been trading above 100 HEMA on hourly time frame. Looking at ADX, Positive
Directional Index (+DMI) is in dominating position with rising average
direction index on daily chart. Moreover, Momentum Indicator RSI is trading
above 50 levels on daily time frame. For now we expect prices should move
higher towards 31520 levels in the coming trading sessions. Oct. Gold prices
can move higher until counter trades above 31250 areas. A re-test of 31466
levels is likely in that case. On the contrary, weakness below 31250 levels will
push prices lower towards 31150/31100 levels. Traders though can look to go
long on dips towards these zones with a stop loss placed below 30995 levels.
The pullback rally has an upside target of 31577 levels.
Outlook: We
expect gold prices to trade negative .
R2
|
R1
|
S1
|
S2
|
TREND
|
||
GOLD
|
31500
|
31300
|
31100
|
30800
|
BEARISH
|
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