Determining the MCX Gold Price Next Big Move
According to this chart, gold has started falling from August month. Doji appearing in the last trading session. It's signaling a possible reversal. If gold follows the dynamic resistance, we may see a continuous downtrend. That can be up to 0.5 (47300) to 0.618 (45200) of Fib retracement.
Fib retracement:
Swing High: 56191
Swing Low: 38400
Here's ADX less than 25, and +DI is above the -DI. Additionally, 200 MA & 50 MA is throwing uptrend signals. If we follow the moving average, gold may try to hit 51000 - 51990 (0.236) levels.
Intraday traders should watch dynamic resistance before entering.
Fib retracement:
Swing High: 56191
Swing Low: 38400
Here's ADX less than 25, and +DI is above the -DI. Additionally, 200 MA & 50 MA is throwing uptrend signals. If we follow the moving average, gold may try to hit 51000 - 51990 (0.236) levels.
Intraday traders should watch dynamic resistance before entering.
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