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COMEX GOLD FUTURE : 1825.1

OBSERVATIONS:

* The above displayed is the Monthly Chart of COMEX GOLD FUTURES, Post the correction from September 2011 to January 2016, The prices have now maintained Higher High and Higher Low Formation. This created a base in the form of Rounding Bottom pattern.

* The Counter in August 2020 attempted to break the September 2011 High which was not sustainable and again got into a consolidation phase.

* Now in the past 3 months prices have tested the support of 1530-1600 level (Highlighted in Rectangle) while forming a Bullish Horn Candlestick pattern. This again points towards an impending attempt to reach higher levels.

* RSI on the weekly timeframe has shown a range shift, reflecting the rising momentum of the underlying trend.

* Going ahead if the prices can sustain above the level of 2089 (August 2022 High) we can witness an up move till the level of 3120.

MCX GOLD FUTURE NEAR MONTH : 55034

OBSERVATIONS:

* MCX GOLD FUTURES is within 2.17% of the life high, while COMEX GOLD is 12.05%. This shows that relatively the MCX GOLD is stronger than COMEX GOLD. The Depreciating INR can be one of the reasons for the same.

* Around the level of 49170, we can spot the change in polarity by the prices of MCX GOLD FUTURE NEAR MONTH, which Shows the rising sentiment behind the prices.

* The counter Witnessed a breakout from the Cup & Handle Pattern in the last week of November 2022, this pointed toward the beginning of the trend on the upside.

* Prices are continuously hovering around the upper Bollinger band on weekly timeframe indicating rising volatility of the prices.

* RSI has shown a breakout too on the weekly timeframe which reflects the strong momentum of the underlying prices.

* We can Infer that the GOLD is placed well to continue its uptrend till the level of 58800 followed by 62180. The Bullish view negates below 50000.

MCX GOLD FUTURES / NIFTY FUTURES (Weekly Timeframe)

Observations

* The above plotted is the Ratio chart of MCX GOLD FUTURES against NIFTY FUTURES to find out where the outperformance is shifting to.

* The above ratio chart witnessed a breakout of Downward Slopping trendline in the month of January 2022. This pointed that the outperformance is shifting towards Gold, which later was followed by a pause in the Ratio Chart.

* Now the Ratio chart has started to Rise after a breakout in GOLD FUTURES prices, confirming strong relative strength.

* While looking at a broader picture of the ratio chart we can infer that a good base is created in GOLD and can outperform Equities.

NIPPON GOLDBEES ETF : 46.87

Observations

* The NIPPON INDIA GOLDBEES has shown a change in its polarity by the prices. This points toward the Rising Bullish Sentiment behind the underlying uptrend.

* The NIPPON INDIA GOLDBEES have shown a breakout too of Cup & Handle Pattern which is in sync with the breakout of GOLD FUTURE prices.

* The counter has shown an up move while taking support from the 13 Weeks EMA which acted as a strong variable support to the prices.

* As mentioned above the gold has shown a strong breakout and can continue its up move, Hence we recommend NIPPON GOLDBEES ETF to Buy.

* Going ahead we expect the Prices of NIPPON INDIA GOLDBEES ETF to go Higher till the level of 60 followed by 65, the bullish view negates below 42 on the Weekly closing basis.

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