GOLD MCX - 1D TIMEFRAME - ANALYSIS

Pure Price Action-Based Trading Plan

Buy Position:

Enter a buy position if the price breaks and closes above ₹78,700.
Targets:
Target 1: ₹79,500
Target 2: ₹80,500
Target 3: ₹82,000
Stop Loss: Place the stop loss just below ₹77,000 to limit downside risk.

Sell Position:

Enter a sell position if the price breaks and closes below ₹76,300.
Targets:
Target 1: ₹75,500
Target 2: ₹74,500
Target 3: ₹73,000
Stop Loss: Set the stop loss above ₹77,000 for this trade.

Given the overall bullish trend, it would be safer to lean towards a buy on breakouts rather than anticipating a reversal. However, a break below support could open the door for short-term selling opportunities. This approach relies purely on observing price behavior at key levels rather than indicator-based signals.