Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

MCX Gold – Extreme Weekly Sentiment Indicates Bottomed out?

34 sec read

Gold Monthly Charts
MCX Gold on the monthly charts consolidating for the last for the 5 years in the band of Rs25000 – 32200 per 10 gram. Sentiment on the monthly charts suggests the long term sentiment is reversed to the negative bias and posied towards the lower end of the balance Rs25000 w- longer term trend which is expected to happen around 3-4 months duration.

However on the weekly charts negative sentiment is on the extreme. Possibilities are that gold could be bottomed out in the medium term and we could start building a range possibly between Rs27000 – Rs28500 per 10 gram. Interestingly 7 months of frenzy one-timeframing came to an end by this week by breaking previous week high however sentiment still maintains negative.

Gold Weekly Charts

On the Daily Charts sentiment turned positive for the last 3 trading sessions and the sentiment. Further a breakout move above 27400 from the short term consolidation brings more momentum towards 28000-28500.

Gold Daily charts

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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