GOLD IN $ TERMS
Gold closed at $1959.51 on 28.-7-2020
SUPPORT:$1954.52/1936.44/1923.70/1919.97/1912.64/1904/1886.34/1863/1836/1829.
RESISTANCE: -$
1981.22/2024/2074/2109.82/2162.60/2196.86/2259.21.
(Bold figures are very important)
It is exhibiting tremendous strength on the technical chart and most importantly it has given upside breakout from its previous all time high of $1923.70(made on 6-9-2011) after more than 106 months and sustaining above it which indicates extreme bullishness. It is in the uncharted territory now therefore it is likely to forge ahead in coming days / week and months with intermittent down correction. As of now it critical points are $1936.44 & 1923.70 and as long as it holds these points up momentum may continue and if it moves above its recent high of $1981.22 the up move may accelerate. Similarly sustained break below $1923.70 on the closing basis may see some down correction in it and moving down it will find support at $1908—1886—1863—1836---1829 and it could strongly bounce back from any of these points to resume the up momentum again, but sustained break below $1829 on the closing basis may take it down much lower. Please note that after the recent major upside breakout after such a long time steep or deep correction is less likely but short correction may happen because it had a straight rise for 8 days.
It is in the strong uptrend therefore buy on decline is suggested with caution and care.
Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.
Note: Price stated here is of spot market
Contact me for strategic guidance to enter and exit the trade
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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