Gold Mcx for Sell till 14 August 2023
Sell Position in MCX Gold:
Entry Price: Market Price (at the time of execution)
Target 1: Around 57,100
Target 2: Around 55,000
Stop Loss: 58,900
chart Time Frame is : 7 hours
Entry / Exit Time Frame: 2 hours
Reason for the Trade:
This sell position is based on the analysis of the supply and demand zone, as well as the market being in a downtrend. The supply and demand zone indicates areas where the market has historically shown a strong presence of sellers. By identifying a supply zone, we anticipate that selling pressure will likely increase, leading to a potential decline in price.
Additionally, the market being in a downtrend further supports the bearish bias. A downtrend is characterized by a series of lower highs and lower lows, indicating that the sellers are in control and that the overall sentiment is negative.
Notice for Safe Traders:
For safe traders looking to hold the selling position, it is advisable to trail the position with a 9-period exponential moving average (EMA). The 9 EMA can serve as a dynamic level of resistance, helping to identify potential reversals or weakening of the downtrend.
It is recommended to exit the trade once the price breaks above the 9 EMA. This would suggest a potential shift in the market sentiment or a weakening of the selling pressure.
Please note that trading in financial markets carries risks, and it is essential to conduct your own analysis and consider your risk tolerance before entering any trades. This trade suggestion is based on the information provided and historical price patterns, but there is no guarantee of future performance. It is always recommended to have a well-defined risk management strategy in place.
Entry Price: Market Price (at the time of execution)
Target 1: Around 57,100
Target 2: Around 55,000
Stop Loss: 58,900
chart Time Frame is : 7 hours
Entry / Exit Time Frame: 2 hours
Reason for the Trade:
This sell position is based on the analysis of the supply and demand zone, as well as the market being in a downtrend. The supply and demand zone indicates areas where the market has historically shown a strong presence of sellers. By identifying a supply zone, we anticipate that selling pressure will likely increase, leading to a potential decline in price.
Additionally, the market being in a downtrend further supports the bearish bias. A downtrend is characterized by a series of lower highs and lower lows, indicating that the sellers are in control and that the overall sentiment is negative.
Notice for Safe Traders:
For safe traders looking to hold the selling position, it is advisable to trail the position with a 9-period exponential moving average (EMA). The 9 EMA can serve as a dynamic level of resistance, helping to identify potential reversals or weakening of the downtrend.
It is recommended to exit the trade once the price breaks above the 9 EMA. This would suggest a potential shift in the market sentiment or a weakening of the selling pressure.
Please note that trading in financial markets carries risks, and it is essential to conduct your own analysis and consider your risk tolerance before entering any trades. This trade suggestion is based on the information provided and historical price patterns, but there is no guarantee of future performance. It is always recommended to have a well-defined risk management strategy in place.
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