Gold MCX is likely to continue its uptrend...!

GOLD MCX Daily Chart

On friday we saw a good movement  in gold and it closed upside at 30726.
This rally is likely to continue as various indicators are indicating the same.
1) Price took support at the trendine  which is drawn from the previous high.
2) The candle formed on friday have engulfed previous 6 days move... and it signifies breakout of the range bound movement.
3) RSI indicators took support of the trendline as well and is above 50 indicating bullish.
4) MACD have crossed upside.
5) Price has also closed above 23.6% retraced level (30660).

Gold is likely to continue its upside movement for next week.
However a correction may be expected till  30350-30450 range.
It would be advised to trade with buy on dips..

Closing below 29700 will negate my view.


Regards
Rinkesh Jain

Will gold(Comex) halt its downtrend at $1305?

Gold Comex Hourly chart

In hourly chart of gold comex price formed an triangular pattern and it broke down as well confirming the continuation of the down trend.
The triangular pattern target was $16 which was achieved at $1305 (1322-16) level.
The rally after triangular pattern breakout or breakdown is know to be the last leg of the whole rally.... and it seems like in gold comex as well bottomed out and we may an upside from $1305.
Now as long at $1305 hold upside in gold can be seen till $1335-$1350 .

This is just for educational purpose. Please consult your adviser before trading.

Regards
Rinkesh Jain