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Gold prices in Indian Market – March 2021 update
Published on March 28, 2021
Description
Gold:(MCX India) - GOLD1 : Futures trading on India's MCX exchange is at an important juncture in its overall journey. We first talked about it on 19th Oct 2020 when prices were trading at Rs.56,080. At that time, we were expecting the prices to correct further up to Rs.46,0xx handle
Later we discussed about in in the month of Feb 2021 (https://mymarketstructure.com/precious-metals/gold_india) where we were expecting prices to fall between Rs.45000 levels. Since our last update, price have fallen quite steeply to our target area. While outcome was not surprising, but the manner in which it fell was. The sharp and steep fall.Technical Update
From a structure perspective, the fall that started in August 2020 seems to be maturing. It's probably closer to its terminal. The possible targets are around as per the price boxes below in the chart.
The chances are slim that it will go below pink box but keep capital ready to invest if the prices fall in either of the green boxes. The whole idea here is to keep you prepared for the probabilities so that you don't get stuck in the structure.
To know more about the instruments you should use get exposure, please read our previous post on Gold. Still remember, it may not be the right time to start using leverage instruments to get exposure yet.
The overall target remains the same as in the banner image.
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