GOLD ... Favorite of Indians. Lets Analyse its Long term chart (Weekly). Ranges as Zones are marked.
1) Gold is trading in Downtrend by Forming Lower Ranges.
2) Its giving Multiple TAPS on DP with Lower highs.
3) Closes are COBB, so i am expecting strength downwards.
4) 1st Reaction from this DP was fast with 1-2 candles there. 2nd reaction took some time on DP. 3rd time, its going with strong candles.
My Conclusion: Unless a Strong BOF happens here, Gold is down for at least this year upto Next Range low.. Anyone can go short on BO of tails of last pivot candles or BPB as per Risk appetite.
1) Gold is trading in Downtrend by Forming Lower Ranges.
2) Its giving Multiple TAPS on DP with Lower highs.
3) Closes are COBB, so i am expecting strength downwards.
4) 1st Reaction from this DP was fast with 1-2 candles there. 2nd reaction took some time on DP. 3rd time, its going with strong candles.
My Conclusion: Unless a Strong BOF happens here, Gold is down for at least this year upto Next Range low.. Anyone can go short on BO of tails of last pivot candles or BPB as per Risk appetite.
Deven
ReplyDeleteGood to see Gold chart. Nice analysis...Trend in commodities lasts much longer than one would expect.. Interesting times are ahead.
URD
Thanks URD..
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