After taking support at the 50% Fibonacci retracement level ( ~44000), Gold has shown a definite reversal on the chart. This observation if further strengthen by the momentum indicator- RSI, maintaining stance above the level of 30.
On its way uo, Gold is now faced with a two-fold resistance. One, from the 38.2% retracement level of the previous trend and two, the 200 EMA. All in all, 44000 to 47000 will pose some resistance for the metal, however, on the other side lies the possibility of a strong rally upto 52500, easy. The hourly chart really adds to my conviction here. There is evident shift in RSI's range to suit a more bullish trend as indicated by the reversal on the daily chart. For anyone willing to take a long position on the precious metal, 46300 would serve as an appropriate stoploss.
CMP- 46975
TARGET- 52500 (+11.7%)
STOPLOSS- 46300 (-1.4%)
REWARD:RISK- 8.14
Regards,
Kavita
EXP-Invest.in
On its way uo, Gold is now faced with a two-fold resistance. One, from the 38.2% retracement level of the previous trend and two, the 200 EMA. All in all, 44000 to 47000 will pose some resistance for the metal, however, on the other side lies the possibility of a strong rally upto 52500, easy. The hourly chart really adds to my conviction here. There is evident shift in RSI's range to suit a more bullish trend as indicated by the reversal on the daily chart. For anyone willing to take a long position on the precious metal, 46300 would serve as an appropriate stoploss.
CMP- 46975
TARGET- 52500 (+11.7%)
STOPLOSS- 46300 (-1.4%)
REWARD:RISK- 8.14
Regards,
Kavita
EXP-Invest.in
-Kavita Agrawal
Founder
Exp-Invest.in
Founder
Exp-Invest.in