Prices continued to move below the extended trendline and simple moving average of 200 days. There is no reversal sign from momentum indicator. Hence, bias remains negative in this commodity. In short, as long as 1650 is intact on downside our bias is negative, and prices can move lower towards 1625/1620 levels”. BANG ON!!! Comex Gold moved exactly as expected. Prices continued the previous day's down move, sustained below the extended trendline and made a weekly low of 1597. Looking at corrective structure prices might have minor bounce on upside towards 1630/135 levels.
However, any attempt on the upside will provide bearish opportunity with a risk management level of 1640/1645 levels, and prices can move lower towards 1590/1580 levels. As shown above in the daily MCX Gold chart, prices for the previous week's last trading session sustained below the resistance of 30600, continued the previous day down move, fell steeply and made an intraday low of 30000 like we suspected. As per wave perspective, prices have completed wave iv near 30800 levels and currently it is moving lower in the form of wave v.
Generally, after a steep fall, we have observed minor bounce in precious metals on upside. Also USIDNR started the next leg on upside which will restrict downside and support the up move in MCX Gold. Whereas, Comex Gold is in strong downtrend. Considering both scenario,s we expect a range bound movement in MCX Gold between 30000 and 30600. As long as prices move below the resistance level bias will remaisn negative and move below 30000 will take prices lower towards 29800/29700 levels.
By Ashish Kyal
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MCX Gold Charts: Bearish Trend, Support Strong At 29700
Published 02/20/2013, 11:38 PM
Updated 05/14/2017, 06:45 AM
MCX Gold Charts: Bearish Trend, Support Strong At 29700
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