MCX Gold Teeters in Triangle: Will Support Hold or Bearish Breakdown

MCX Gold, Symmetrical Triangle, Technical Analysis, Bearish Bias, Support Levels, Resistance Levels, Sell on Rise Strategy

MCX Gold navigates a critical juncture, oscillating within a symmetrical triangle formation. This pattern signals the potential for a breakout in either direction, keeping traders on their toes. While the current price action leans towards a bearish bias, with prices residing below the 20 EMA and RSI indicator trending towards the oversold zone, crucial support awaits at the 61800 level.

Support and Resistance Levels:

Support: 61800. A decisive close below this level could trigger a further downward spiral.

Resistance: 62350/62500 (around the 20 EMA). This zone could act as a hurdle for any immediate upward price movements.
Trading Strategy:

Given the current technical picture, a sell on rise strategy targeting the 61800/61500 levels might be considered for the day. However, caution is paramount as a breakout in either direction remains a possibility.

Further Considerations:

  • Global economic factors: Rising interest rates and geopolitical tensions could continue to cast a shadow on gold prices.
  • Domestic cues: Indian import duty fluctuations and local demand trends can influence the MCX Gold movement.
  • Breakout Confirmation: A decisive breakout above the upper trendline (around 63000) could signal a bullish reversal, while a break below 61800 might confirm the bearish trend.
  • Remember: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and due diligence before making any trading decisions.
MCX Gold Teeters in Triangle: Will Support Hold or Bearish Breakdown

MCX Trend

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