Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Building GenAI Applications. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

Gold Plunges to 6 Weeks Low and trading below $1700

21 sec read

Gold crashed below 4 weeks low today as the dollar’s rally cut demand for the metal as an alternative asset and there is a panic selling in the gold. Prices sink as investors sell the metal to raise cash and pile into the greenback. Silver plunges 11% as recession fears rise.


[wp_ad_camp_5]

 
Gold had broken down the $1700 support which is the 50% retracement of the entire mood from July low to 6th September high of the recent uptrend. The next level of
Shorter term Supports can be expected around $1650 (61.8% retracement of the entire move ).

Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Building GenAI Applications. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

The Iran-Israel Tension and Crude Oil Trend Analysis

With ongoing tensions in the Middle East, particularly between Iran and Israel, the crude oil market finds itself once again at the mercy of...
Rajandran R
3 min read

MCX to Revolutionize Gold Trading with the New 10-gram…

The Multi Commodity Exchange of India (MCX) is poised to make waves in the commodity trading landscape with its forthcoming launch of a 10-gram...
Rajandran R
1 min read

Gold Short Term Trend Reversal: An Analysis Amid Global…

Notably, gold reached a zenith one day before escalating tensions between Israel and Iran, marked by a Volume Spread Analysis (VSA) signal on the...
Rajandran R
1 min read

One Reply to “Gold Plunges to 6 Weeks Low and trading below…”

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More