Gold : One of the best alternatives for the hedging purpose.

In this Pandemic we all have observed how gold price rose to its all time high and when the vaccine news was out the commodity started to correct.
We all know Gold is an alternative hedge and we are expecting a 3rd wave of covid in OCT-NOV we might expect Gold price to rise again.
This is completely Fundamental and Logical Explanation.

But technically speaking we are seeing a bit of a bounce back in Gold recently which is showing some strength.

Recently on 06th of July 2021 we saw sellers coming back in the market forming a northern doji near its resistance which suggest the trend is ending, but next day we saw gold closing above previous day close which suggest not to enter in sell yet.
On 08th of July 2021 again we saw a doji, the next day again the commodity closed higher than the previous close.

This is clear, suggesting that the buyers and sellers are not ready to give up.
Gold has been trading in a Parallel Channel for a long time. If the closing is above the high of Northern Doji we can see sellers losing control and buyers might win the battle but if the closing comes below the Northern Doji we might see buyers losing their strength and sellers might win the battle.

This is a superb Opportunity for trade to keep Gold in the watchlist and buy when the closing is above the high of Northern Doji or sell when the close is below Northern Doji.

We have seen Divergence in RSI at lower levels due to which the move is sustainable on the upper side.
 MACD crossover is seen at lower level which is a very good sign for buyers.

There are 2 Resistance which is going to play a major role
1. 50 day Ema &
2. Upper Parallel line.

ADVICE : Keep a very close look as there will be a great opportunity coming ahead.

Opportunity Near By Have A Very Close Look..

Jul 10 2021

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