Yours.Technically

Have heard about 'Heart of Gold'? Now let's talk about 'Chart of Gold'..

In the recent plunge across global equities following the Corona virus outbreak, Gold hasn’t been immune to the fall. The safe-haven asset lost its ground after hitting an all-time high of $ 1,703.10 on 9th March 2020 to a low of $ 1,451.43 on 16th March 2020. Where is the Gold headed to going forward? Let’s see what the charts say:

The Negative Divergence of the 14-day RSI along with the Daily price chart was the first signal of the losing momentum of Gold at higher levels. A profit booking was imminent, but a sharp sell-off wasn’t. If we compare this fall with Silver (~30% fall) and Platinum (~38% fall) for the period 10th March to 16th March, Gold has lost just 15% from its highs. Fair enough!

The recent rebound in the Gold prices also coincides with the 14-day RSI recovering from the Oversold territory. A Piercing line pattern is in formation on the daily charts. A follow up buying and price movement above $ 1,551 can trigger further momentum towards $ 1,589 - $1,622 levels in the coming sessions.

Dear Friends,

Recommending a Iron Condor Strategy on Yesbank for March Expiry.

Strategy Description: Sell one 55 March PE @ 14, Sell one 60 March CE @ 9, Buy one 75 March CE @ 6 and Buy one 40 March PE @ 5.5. | Lot size 8,800 | BEP: 71.5 and 43.5 | Max Loss: 30,800 | Max Profit: 101,200 | Expiry: 26 March 2020