Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and 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. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

Gold Trend Reversal in Progress? Short Term Trend Analysis

33 sec read

Gold has been trading in a sideways mode since Aug 2019 and it been 4 months of sideways price action. However, Friday rally in Gold brings a potential trend reversal with short term trend & Trading sentiment turning positive.

In the early hours of Thursday, Trump signed the Hong Kong Bill to protect Hong Kong protestors that could bring some geopolitical tensions between US-China.

ADX levels on the hourly charts crossed above 20 levels with solid momentum which is a positive sentiment for the trend reversal to maintain strong and could propel the gold price further higher in the upcoming session.

Short term supports are holding around the 1450 – psychological reference level. Gold futures surged to the upside late Friday after the U.S. Dollar plunged against a group of major currencies into the close.

The Friday momentum could further get extended, which could push gold prices towards the next psychological mark 1500 and 1520 levels in the near term.

Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and 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. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

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