Withdrawal of ₹2,000 currency & Gold prices.
The decision of the Indian Govt. about the withdrawal of ₹2,000 currency notes has smoked a view that Gold prices will be rallying soon.
At Nifty Analysis, we take our decisions on advanced technical analysis. Let us have a quick look at charts for #DXY, #XAUUSD and then finally #Gold1! Mcx
The above chart of DXY indicates a projected target of $105 for the coming days. View invalidates below $103.80 only!
In confluence with this, XAUUSD also suggests a fall in the prices to $1940 and as low as $1920 which will be a strong support. This support will also be a decisive mark for a strong bearish sentiment if the prices will break this down.
On the contrary, prices rejecting at $1940 will still hold bullish possibilities. Currently April’2023 high is acting as a resistance, the breach of which will again catch the prices in a tight range of resistances viz., 1952, 1954 and 1959. (Follow the chart below)
If we talk about Gold1!, of course it suggest the follow up of above views. Here’s the chart for details:-
At present, Gold is indecisive in between the 59622 to 59460 range. Above this, there is a buying opportunity till 59800 as T1 and on the successful breach, 60134 as T2.
To my best knowledge, Gold prices will be falling till 59344 to 59230 as immediate T1 and T2
When prices will be breaching 59230, the prices will be testing 59075 as the strong support and T3.
Now you have both biases, you have the best of the levels to take profits or put your SLs in your upcoming Gold trade entries.