Gold - Break Out

Dear Shabbir,

I can see in attached daily chart Gold is about to make break out around 1274.
It attempted breakout few days back also but failed and this time again trying to break out. Is it reliable to go long after it closes above 1274.
my stop loss is 1236. Please Advise with.

Best Regards
Kaisar Imam

 

Hi,

My trade is in profit and XAUUSD is trading around 1289. My target is 1308. however i rely on price action on smaller time frame of 4 hour chart. Till now no sign of weakness. Major resistance is at 1348. I will try to update daily.

 

Gold View

On Mcx I don’t find anything in Gold chart which can impress me to recommend long call on Gold rather I will recommend to go short @ higher.
Yeah you have heard about triangle breakout and all but is it able to sustain above those levels.
Have a look.

This is my 1st commodity recommendation, so please don’t initiate any call because it is purely for education purpose.

Now check 10th Feb hourly chart



Now check 11th Feb hourly chart



Now check 11th Feb 3 min. chart



Have you found anything which is indicating to initiate long?

For me call should be short @ higher with stop of 29180-29200 or go long @ above 29205 with stop of 28900.
Cmp is 29082 means short call have good risk reward ratio, time will tell actually.

 

Thanks for alert Shabbir and that is why I wrote " ON MCX"

 

Exactly.

 

I found indian markets very manipulative and not much efficient and liquid market. I remember when one broker punched one wrong trade and quantity became ten times of intended quantity and Nifty dipped 400 points in flash of seconds. I rarely trade in indian market but i love international market. I have big investment in that and my broker is international broker which gives me access to all top liquid futures of world. But every market have its own nature and alert trader can make money by just trading best set up. as per my observation if you are patient enough to wait for best trading opportunity then you can make good money. I do trade in EURUSD, GBPUSD, CFD's, ETF's and much more currently my EURUSD trades are in profit but i did not posted as this forum is largely focus on indian market.

 

Gold going higher touched 1300. good profits booked 50% here as touching round number can attract some selling.

 

Result time of Gold

Gold View

Who has read the 12th Feb post on Gold view, can check that call was given when gold was closed @ 29078 on 11th Feb, call was given @ 12th Feb @ 9:54 Am after that gold has opened @ 29070 on 12th Feb and made a low of 29006, on 13th closed @ 29184 but made a high of 29218 and today opened @ 29230 and made a high of 29350.

Means both sides profit, in Short rally of 64 points down and in long rally of 145 points upside.

View it on chart

 

Dear Shabbir,

Thanks, I am still holding 50% of my positions and will carry to next week. In previous post you mentioned at some place, more manipulation can be used to earn more profits, please shed some light on this.

Regards
Kaisar Imam

 

Hi Shabbir,

Please let me know how to enter in to the forex market?

I never traded till now.

Thanks,
Siva.

 

I have booked balance 50% of my position now. Thanks everyone for discussion

 

Wow what a run-up.
I requested not to follow as my 1st recommendation on Gold, so not sure anyone initiated or not.

one of my client asked me to initiate and I followed, result earned 5,17000 in just 5 days, sorry can’t update screen shot as he is not comfortable and as per terms and condition I am not allowed to show any of my clients data socially without their permission. Few have given me permission and I mostly post their trades.



I can only say that technical actually works on any kind of Market but to earn you have to be educated.