MCX Gold - Long Term View - Is the Top getting in place?
It may be possible that top is or getting in place for Gold in MCX. Will continue to monitor over the next few weeks.
Note
Monthly Trend line broken - A good idea for a short position with target updated.The only question is if the Blue 5 was actually a 5 or just 3. In both cases, it as fall down in ABC..so targets are in range.
Note
On a lower time frame, havent seen the break of the trend line yet. So need to wait before get into this trade.Note
shorter term view - Note
Its been long since I posted an update and a lot has changed. But one thing that is still intact is the larger trend. It seems to me that the larger trend correction may be coming close to a completion. The yellow box is possible buy area. But there is a chance it can fall further, however we should still look at some reversal points here. If it shows signs of reversal, then breaking of all time highs will not be ruled out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.