• Trading Account
  • Downloads
  • Nifty Options OI
    • Nifty Max Pain Chart
    • Nifty Option Change in OI Chart
    • Nifty Put Call Ratio
    • Nifty Option Total Change in OI
    • Nifty Trend Finder
  • BankNifty Option OI
  • About Us
  • Learn Technical Analysis
    • Advance Option Trading Course

OurNifty.com

A Indian Stock Market Blog

  • Forex
  • Gold
  • Intraday Stocks
  • Midcap Stocks
  • Multibagger
  • Nifty
  • Nifty Option
  • NSE
  • Amibroker

Bullion: Gold Trading Analysis for Today, Buy Above 1585 for Target 1596

By Bhaveek Patel Leave a Comment

Gold has started correcting yesterday and we are sure this is due to the bailout package for Greece in European region and this is just due to exit of funds by the large hedge funds and ETF’s. But still we are sure that there is much more upside left in gold for the longer term. In the beginning of this week we saw gold trading at all time high levels. Now we are extremely bullish on gold in near term and taking a looking at the daily charts we see that gold can resume its long term bullish trend. So taking advantage of this up trend our strategy will be to buy on dips, and we will be looking for buying opportunities in gold till the price action is above the 1570 level. Daily charts suggests that price action is supported by a rising trend line, So we see further strengthening in gold in near term from current levels. Today’s trade is supported by the technical analysis and recommends us to enter buy gold positions only. Studying technical indicators like slow Stochastic, RSI and MACD suggest that the long positions are valid and are in favor of trade on daily chart and even on lower time frame charts like hourly charts we will time our entries. Trend is most likely to be bullish today.

Our recommendation on Gold : Gold technical analysis for today, we recommend to trade long on Gold above 1585 level for targets as 1596 and 1601. A protective stop loss order should be placed just under 1580 level.

Share
Tweet
Pin
0 Shares

You Should Read This:

  1. Gold Trading at Life Time High on 19 July 2011, Buy Above 1597 for Target 1616 Yesterday Gold has made its life time high by moving above the $ 1600 per troy ounce. Now we are extremely bullish on gold in near term and taking a looking at the daily charts...
  2. Bullion: Gold (Spot) Trading Level Analysis for 4 July 2011, Sell below 1499 Gold intraday trading level analysis for 4 July 2011, we recommend to trade short in Gold below 1499 level for targets as 1492 and 1487. A protective stop loss order should be placed above the...
  3. Gold Technical Analysis for 18 July 2011, Gold is trading at all time high levels so buy above 1589 Looking at the daily charts we found that gold has resumed its long term bullish rally and this may continue as long as there is clear view from the Italian economy. As gold is always...
  4. Trading Gold (Spot) on 13 July 2011, Buy Above 1560, Target 1574 Looking at the Gold charts we see that rally has started from the 1480 level and is continuing, Since then the price action has made the series of higher high and higher lows suggesting us...
  5. Bullion: Gold (Spot) Trading Analysis for 1 June 2011, Buy above 1531 Gold intraday trading analysis for 1 June 2011, we recommend to trade long in Gold above 1531 level for targets as 1535 and 1539. Stop loss must be placed below 1528 level. Reason to trade...

Category: Gold Tags: Gold Analysis/ Gold Trading

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post: Today’s Trading Analysis on Nifty Futures, Buy above 5610, For Target 5665
Next Post: EURUSD Technical Analysis on 22 July 2011, Buy EURUSD above 1.4385

Advance Options Trading Course

options trading course

Lowest Brokerage Trading A/c

Lowest brokerage trading account opening in India

Learn Technical Analysis

technical analysis course

Recent Articles

  • ASX Penny Stocks List for 2025
  • 7 Ways to Boost Your Revenue
  • NYSE Penny Stocks List for 2025
  • Short On Cash? Here’s How You Can Manage Your Priority Spends
  • FREE Webinar on Option Chain Analysis
  • LSE Penny stocks list for trading in 2025 Should you buy?
  • BSE Penny Stocks List 2025

Popular Categories

Amibroker Finance Forex Gold Intraday Stocks IPO Midcap Stocks Multibagger NEWS Nifty Nifty Option NSE Results Short Term Stocks Technical Analysis

About Us | Contact Us | Privacy Policy | Disclaimer


Copyright © 2009 - 2025 OurNifty.com Trading ideas published here cannot be reproduced without permission from the author.
OurNifty is Powered by Wordpress and hosted on Digital Ocean