Gold Mini Futures Put and ultimately Call
Updated
hi
as one of my Indian Friends asked me to analyse the Gold August MINI Future i am doing a simple Fibonacci analysis with some Candle stick pattern confluences.
we can see a Dark Cloud Cover candle pattern are the Top and then a Head and Shoulder is on the formation which is a sign of a bearish movement and the retrace can be up to the last support which is fib 50% around 47350 Rs and fib 61.8% or 47000 Rs, If the price can Break the current support at 47800 Rs and as it reaches the retrace (Support) area, we can go for a call option and target it at 50000 Rs and second target at 51200 Rs
our safe Stop Loss con be at 45480
as one of my Indian Friends asked me to analyse the Gold August MINI Future i am doing a simple Fibonacci analysis with some Candle stick pattern confluences.
we can see a Dark Cloud Cover candle pattern are the Top and then a Head and Shoulder is on the formation which is a sign of a bearish movement and the retrace can be up to the last support which is fib 50% around 47350 Rs and fib 61.8% or 47000 Rs, If the price can Break the current support at 47800 Rs and as it reaches the retrace (Support) area, we can go for a call option and target it at 50000 Rs and second target at 51200 Rs
our safe Stop Loss con be at 45480
Trade closed: target reached
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