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Mcx Gold charts..

Monthly chart of gold still shows the price uptrend.The prices remain to be stable above the Ema's and no signs of divergence are there ..the emas's still remain to be well spaced which incidently might lead to a small fall or consolidation to create a base at current levels for the next upmove.The extent of the fall would be something to monitor.

Weekly chart ( above )had a small pullback in the medium term which may be the result of the huge spacing between the longer term charts and as facts say , the prices cannot moving up daily and weekly and must achieve a small support point in the trend for buyers to come in the to cash in on the trend.

The trendlines drawn on the daily charts ( above ) should act as good supports and resistance for the trend.The break of the line above should ensure the continuation of the trend while the lower line break can cause good price damage.


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