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MCX:GOLD Share Price Discussion

MCX:GOLD
T
Reputation: 18,945 • Jul 12 8:26 AM

Gold Weekly Price Forecast – Gold Markets Finally Pierced Major LevelGold markets broke above the $1800 level this week, which can only be thought of as a major victory for the buyers.
Gold
Gold markets have rallied during the bulk of the week, showing signs of strength as we continue to grind higher. There are plenty of geopolitical reasons to think that gold will go even higher, not the least of which will be tension between the United States and China. Pullbacks at this point should be thought of as potential buying opportunities as the market has been rather bullish for some time, especially as central banks around the world continue to loosen monetary policy.
That is typically exceptionally good for gold, and we have seen that well-known trade play out yet again. I think at this point it is likely that pullbacks all the way to at least the $1750 level should find plenty of buyers, so what I will be doing is looking for support of daily candlestick that I can take advantage of and start buying in the direction of the longer-term weekly candlesticks.
Longer-term I anticipate that this market probably goes looking towards the $2000 level above, something that will attract a lot of attention as it is a large, round, psychologically significant figure, but at the end of the day it would make sense to see the markets pull back from that $2000 level, which I think would be a major target for most traders. However, some analysts and pundits are starting to talk about $3000 an ounce as well. If that is going to be the case, then it is highly likely we will see quite noisy trading in general to the upside, so I look at dips as buying opportunities.
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MCX:GOLD 05AUG2020 price when posted: 48,870
Recent posts in MCX:GOLD
B
Reputation: -12,337 • Today 9:08 AM

Type
Buy
Instrument
GOLD 05OCT20 FUT
Entry Price
₹51,760
Price@Trade
₹51,910
Target Price
₹53,000
Stop Price
₹51,100
Valid Till
Oct 5, 2020 11:20 AM
Margin
₹515,887.5 approx for 100 Qty
Status
Waiting for entry
Like
Reply

Type
Buy
Instrument
GOLD 05OCT20 FUT
Entry Price
₹51,872
Price@Trade
₹51,872
Target Price
₹63,560
Stop Price
₹51,300
Valid Till
Oct 5, 2020 11:20 AM
Margin
₹515,840 approx for 100 Qty
Status
Active
Like
Reply (1)
B
Reputation: -7,552 • Today 8:34 AM

Type
Sell
Instrument
GOLD 05OCT20 FUT
Entry Price
₹51,980  ₹51,844
Price@Trade
₹51,932
Target Price
₹50,800
Stop Price
₹52,001
Valid Till
Aug 12, 2020 11:20 AM
Margin
₹515,793.75 approx for 100 Qty
Status
Active
Like
Reply (2)
M
Reputation: -8,478 • Today 8:29 AM

Type
Buy
Instrument
GOLDM 04SEP20 FUT
Entry Price
₹52,150
Price@Trade
₹52,153
Target Price
₹53,200
Stop Price
₹51,100
Valid Till
Sep 4, 2020 11:20 AM
Margin
₹530,013.75 approx for 100 Qty
Status
Active
Like
Reply (1)
B
Reputation: -7,552 • Today 8:08 AM

Type
Sell
Instrument
GOLD 05OCT20 FUT
Entry Price
₹51,925  ₹51,900
Price@Trade
₹51,901
Target Price
₹51,025
Stop Price
₹52,500
Valid Till
Aug 12, 2020 11:20 AM
Margin
₹619,653 approx for 100 Qty
Status
Exited
Exit Price
₹51,845
Net P&L
+₹5,500 (+0.89%)
Like
Reply (3)
M
Reputation: 100,066 • Today 7:57 AM

Type
Buy
Instrument
GOLD 05OCT20 FUT
Entry Price
₹51,822
Price@Trade
₹51,765
Target Price
₹53,500
Stop Price
₹51,490
Valid Till
Aug 12, 2020 11:20 AM
Margin
₹515,850 approx for 100 Qty
Status
Exited
Exit Price
₹52,000
Net P&L
+₹17,800 (+3.45%)
Like
Reply (2)