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Gold Retreats Amidst Shooting Star Pattern and Bearish Divergence; Sell Rallies Near $4700

Candlestick pattern-  Shooting star (4-hour chart)

Bearish Divergence CCI (50)-(4-hour) Chart.

 

Gold pared some of its gains due to profit booking.  Having reached a high of $4696, it is now at $4639.

Technicals

CMP -$4642

Trend

4-hour chart

Value

 

 

55 EMA

$4482

CMP >55 EMA

Bullish

200- EMA

$4301

CMP >200- EMA

Bullish

365- EMA

$4300

CMP >365 EMA

Bullish

 Near -term support -$4600/$4500/$4480$4405/$4300.  Major bearishness below $4300. Any violation below $4300 targets $4235/$4215/$4200/$4156/$4080/$4000. Near-term resistance: $4700/$4773/$4800/$4900/$5000.

Momentum indicator (4-hour chart)

Inference

Value

CCI(50)

Bullish

114.08

ADX

Neutral

 

 It is good to sell on rallies around $4658-60 with SL around $4700 for a TP of $4300.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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