XAUINRG trade ideas
Gold Uptrend Continuation Possibilities The chart shows the support and resistance points in a weekly time frame; Unless and until the price breaks big uptrend channel, Gold is likely to continue the uptrend. 🚀
Gold priced in Indian Rupees. Forecast until March 2024 in 1W TFGold price action despite showing bullish trend additionally gives mixed signals. The level of INR 171364 will play a major role throughout the whole period until mid March 2024.
Before the end of December 2023 the price might reach the top at INR 187394 and bottom of INR160816. The last week of October will show whether price action proceeds to go up or starts correction.
The last week of 2023 will define the trend for the next quarter. In mid March gold may rise up to INR 190725 and possible bottom might be at INR159637.
Major reversal weeks start on 20 November and 25 December.
"BUY, BUY, BUY!!" zone is below INR 171000
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
Gold (India) XAUINR ; Buy the Breakout H1GOLD (XAUINR) Bullish Reversal.
> Buy the breakout when confirmed;
Profit Target : 4% < 8%
Trade : Breakout
Gold is looking good short term.My count has gold doing a large ABC since Sept' 12, presently on the B wave up of the larger C . This larger C is making an ascending triangle type pattern but its more like an ABC triangle, IMO. No one can be sure though. I think it will print an extended flat for this larger C which has going around swing high level i.e INR 3500-3600 ranges. kind of a technical breakout to the triangle . My primary pattern play is ascending broading wedge here with targets around INR 2500-2700 ranges medium term. Conclusively it looks like a long consolidation before big leg up/mark up on long time frames.
This is not an investment advice and just my view of the market right now and it can change as the market evolves. DYOR, Make your own decisions and trade carefully.
