MCX Gold Buy on Dips: Since the beginning of this month, gold has continued to be in an upward trend. Especially post the mixed FOMC minutes, gold held high. The minutes didn’t hint at any timeline for scaling-back the asset purchases by the Federal Reserve so that has been a positive factor for gold. Also, the focus on the rising delta virus cases, the worries over lockdown kept the gold prices steady.
Gold Forecast: Gold (Yellow Metal)Under Selling Zone – On the daily chart, the third wave of the higher level (3) formed, a downward correction developed as the fourth wave (4), and the formation of the fifth wave (5) started.
Gold Forecast : Uptrend scenario – An uptrend will start as soon, as the market rises above resistance level 1880, which will be followed by moving up to resistance level 1951.
Gold Trading Strategy : “We expect spot gold prices to trade firm for the day with support at $1,925 per ounce and resistance at $1,975 per ounce in the international market.
Gold Weekly Outlook (January 4 – 8, 2020) Gold Uptrend scenario : The uptrend may be expected to continue in case the market rises above resistance level 1906, which will be followed by reaching resistance …