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XAUINR

XAUINR (Gold / Indian Rupees) Commodities Analysis 11/01/2023Fundamental Analysis: As we know the world is Struggling on the edge of an other huge economic crash and a big crisis to come, this may lead to manufacturing and production freeze and ultimately may cause the demand collapse and price fall. Russia has pegged its Currency with gold and literally trades its commodities and energy with gold. as we know the Westerns democrats and Lefties are tightening up with Globalists and trying to capture the Nationalists. the current battle between the Russia and Ukraine is one of the main reasons that they are trying to capture the nationalist nation and start of the new word order. as Russia, India, many other nationalist governments have already tiled up their reservoirs with gold we can expect that the Gold monopolist may release huge Supply to oppress the gold price and consequently weaken these nations Power. ultimately we can predict the rice of gold may fall for some short period of time. Technical Analysis: There exist a Bearish Divergence of Price and MACD which is the indication of the Bullish Trend reversal and Price correction. Using Fibonacci Retracement Tool we can define the Retracement target of 61.8% which is 102000Rs in case of price fall. incase of rally continuation we can expect the price to touch the 161.8% of the Fibonacci Expansion which is our Bullish Target at 208000Rs. What do you thinks? please comment your Ideas and insights
FX_IDC:XAUINR
by BitonGroup
1
Gold price trend, with important support and resistance On monthly time frame, gold price is in downtrend, formed a lower high, RSI below level 60, and in weekly it is sideways near an important support level, RSI approaching near level 40. So, on weekly we may expect correction from 49300 level, which means in coming days, on daily time frame we may expect some up move. But for that we have to wait for a proper price action because in coming one week or two, me may see sideways to volatile market in terms of gold, from where we may witness a double bottom, and may expect an up move, until then, should avoid directional positional trade and then after getting confirmation from price action a trade can be initiated, Below are the important support and resistance zones Support zone 1- 49246 to 49078 (marked in color blue) Support zone 2- 47415 to 47631 (marked in color green) Resistance zone 1- 50572 to 50403 (marked in color red) Resistance zone 2- 51753 to 515536 (marked in color purple) **personal opinion, not a trading advice**
MCX:GOLD1!
by rahulbora11