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MCX Gold Price Trend Analysis & Tips

Posted: 23 Oct 2020 01:48 AM PDT

Gold is performing in the parallel channel from 22 Sep. Recently, the moving average has tried to crossover but failed. And volume spike is a direct sign of an uptrend. It’s sharply moving forward.

As I updated on Oct 19, gold is trying to climb upward after hitting the parallel channel. And if it remains in the parallel channel, we may see 51000 – 51500+ levels… And for the day traders, 51000 – 51130 – 51260+ levels.

Please note parallel channel breakdown is not the best place for a short. A better place for shorts is the hurdle line.

Here I have used ADX to identify the trend strength. Gold’s ADX < 25 means the uptrend is weak.

What will happen after a breakout of a parallel channel and hurdles? I will update it in my next update of Gold.

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