Thursday, November 22, 2012

MCX GOLD MEDIUM TERM OUTLOOK



As per the below MCX Gold weekly chart, we have witnessed lower volumes on higher highs of prices since Nov 2011.

Its indicating carry forward of long positions should be too risky in near terms.

Another indicator likes RSI and MACD also in Bearish Divergence suggesting weak strength of price movement.


Probability No.1

Step 1: Gold prices may be trade range bound from 32600-32950 levels to 31300-30500 levels in next few months.

Step 2: We are suggesting trader can trade within this range until unless breakdown not happens.

Step 3: wait for breakdown with higher volumes and confirmation.

Step 4: further recommendation will be updating time to time.




Probability No.2

Step 1: Gold prices may be test resistance line of price channel and cool off from higher levels.

Step 2: Sell at 32750-32950 levels and keep stop loss above 34000 for the targets of 30500-29200 levels, CMP 31850




....to be continued

Regards 
Pradeep Karnani
09966028055

www.trueinfotec.in
LL: 040-40271150 / 27757500

Toll Free No. 1800 4250 1111

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5 comments:

  1. pardeep ji is there chance of GOLD going below 25000 ????? MCX gold quarterly chart shows fall till levels of 25000 and then 21000 ... do u think this can happen ???
    naveen saboo.amritsar
    9872451731

    ReplyDelete
    Replies
    1. Now TGT2 aCHIVED

      REGARDS
      PRADEEP KARNANI
      040-27757500
      HYD

      Delete
  2. sir 1st target hit.may 2 nd also hit in this year.
    Jsk
    dinesh

    ReplyDelete
  3. sir 1st target hit and hope 2 nd also hit this year.
    Jsk
    DINESH

    ReplyDelete