MTECHTIPS MCX GOLD INTRADAY trading tips 02-11-2016
MTECHTIPS Gold is bearish for medium-long term .Currently Gold is in strong uptrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend . Cautious point is buying at higer levels seems decreasing. The Gold is now trading in overbought level. The Gold is now trading in overbought level. The oscillator is showing BUY signal For short term The current position is BUY and closed above 3 week high with volume signals up breakout.Positionally Support for the Gold is 29850-29841-29777-.Resistance for the Gold is 30624-30880-30962-
Short term and Intraday Level of GOLD
Gold closed above 1 week high with volume signals up breakoutCurrently Gold is in HOLD LONG position Gold has crossed the high but the trend was not strong and sellers was at high so for short term better buy above 30547.1 with stop at 29720.0 The Gold is now trading is approaching overbought level. The oscillator is on SELL signal and Gold is coming down from overbought level
Intraday Trend- Buy is advised only above 30547.1 with a stop at 30124.1 Below 30023.7 go for sell and put stop at 30446.