Gold Mcx October prices have been falling since hitting a record high of 39885 on September 04, 2019, lost over 5% from its record high so far.
Now, prices are trading just above a 4-week low, but undertone has turned sideways since September 13, in 37344-38230 range. To reap the benefit of sideways movement, selling near 38150 and buying near 37460 will be a profitable strategy, keeping SL above and below range value strictly.
Gold if slips below Rs37340, a correction will extend towards Rs36500.
Gold if rises above Rs38230, a rally will be seen towards Rs39000.
Indicators: ST-Sell, MACD-Sell, 20DMA-Sell, 40DMA-Sell, DM-Sell.
Recent waive suggests correction towards key support of $1495-$1485 as long as prices are trading below the immediate top of $1543.3.
Immediate range: $1490-$1544.
Key Reversal Point: $1485(Support), $1567(Resistance)
The Medium-Term Outlook of the gold will remain sideways and will be tilting towards higher trajectory in the long run as long as prices are trading above key support of $1485. But a daily close below $1485 will set up a weak trend.
By Tarun Satsangi for TarunSatsangi.com