MCX-GOLD
SUPPORT:52262/51591/51512/51402/51208/50553/50375/49961/49838/49740/49507/49359/49075/48925/48832/48706/48587/48315/48030.
RESISTANCE: 53435/55202/55576/55698.
Critical Points Moving Up:-53435---55202---55698.
Critical Points Moving Down:-52292---51607---51054---50501—49816---49647.
(Bold figures are very important)
It is exhibiting tremendous strength on the technical chart and it is scaling new height every day. It is looking highly bullish but it had a straight rise for 9 days therefore it is vulnerable for a correction also, but as long as it holds 52315 (it may change) levels as of now on the closing basis the up momentum may continue after short correction from the current market price, but if it breaks 52315(it may change) level on the closing basis then it could slip into a slightly deep correction. Moving down it will find support at 51626---51069---50512---49823---49653 levels and it could bounce back from any of these point but if it break 49647 level and sustain on the closing basis then correction could further deepen. Looking at the overall technical setup deep correction is less likely at this point of time. It is in the strong uptrend now but moving up it will face stiff resistance at 53435---55202---55698 levels but sustained break above 55698 on the closing basis can take it to much higher levels. Please note that the range of 53435---55698 is a tough range but once it clears this range it could be unstoppable.
In view of the above observation, it seems that correction looks imminent, therefore it is suggested to wait and try to buy on decline but not below 52315 as of now because then you may get it cheaper or buy on momentum if it moves and maintain above 53435. Buying is strongly recommended on reasonable or sharp decline as of now.
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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Thank you for sharing your views.