Thursday, July 25, 2024

VIEWS ON GOLD AFTER CUSTOM DUTY REDUCTION

 VIEWS ON GOLD 


SO AS We See The Fall After Custom duty Reduced By 6% in Both GOLD & SILVER 


So Lets Understand HOW TECHNICAL STRUCTURE Are Looking Right Now & What can be Possible Move Here for Next Few Days 


As I Always Mentioned That Following A System Is More Important Rather Then Assuming & Take Assumption About the Markets

Because No Matter How We look at News-Data-Technicals

Ultimately Our Position Sizing Decides The Outcome of Our Trading In These Asset Class 

And If You Stuck At This Time Then Your Margin Money & Temperament Will decide Either You Are Going Hold Position or Book Losses 


So Lets See How Charts Are Looking at this point of time and what we are the possibilities 


GOLD - lets first talk about the Gold Comex 



weekly charts view as we see from May onwards Gold Moving in a range of 2285$ to 2450$ 

and from may 1st to 20th may it rallied 7% upside from 2285$ to 2450$

and again after 20th may it slumps to 2285$ till 10th of June 

10th June to 26th June gold move between 2300$ to 2360$ 

and from 26th June it started rallying and made 2483$ high on 17th July 


and before Budget we can see a slight sell off if you look at the chart and then in budget import duty reduced and now we are here at 

2375$ (budget impacted only MCX prices)


So If you can understand the Technical then you can see the pattern on upside & downside on this chart 


so lets come to the point 


MAJOR SUPPORT HERE IN GOLD COMEX ARE 2360$-- 2340$--- And Finally 2290$ and if 2290$ break then we see 2200$ levels also (will discuss this in upcoming blog)


BIASED VIEW LOOKING AT TEACHNICALS IS SELL SIDE 



NOW Lets talk about GOLD MCX here 

So Right now what we should looking is Comex prices movement because after import duty reduction mcx levels wonts make any significance here 

but still here ARE SOME MAJOR SUPPORT , GOLD AT 67830 RIGHT NOW 


GOLD MCX - MAJOR SUPPORT ZONE 66250--65400 & 64000 (65400 WILL BE IMPORTNAT SUPPORT ZONE IN MY OPINION)



SILVER VIEW 👉open

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