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Gold price trend goes non-directional, shooting stars & dojis have occurred at 1333, 1339 and 1338 levels respectively that signal weakness at this juncture, the strong support is seen at 1331 levels, slide below SMAs or this support levels would drag dips upon bearish SMA crossover, otherwise, rallies seem most likely.
In the recent past, it has often shown tides and troughs as and when it hits strong support and resistances at 1331 and 1340 levels respectively.
Evidently, the trend remains in this range (refer rectangular area on 4H charts).
For now, the current prices are well above SMAs amid mild downswings, the trend seems to be weaker in near run.
On a broader perspective, bulls in this bullion market have managed to retrace above 23.6% and heading towards 38.2% Fibonacci retracements from the lows of 1050 levels with a bullish candle with the big real body last month. Current prices on this time frame are well above EMAs.
Historically, shooting star also pops up at the same levels and consequently, dips have occurred upon this bearish pattern.
But both RSI and stochastic curves, for now, are signaling intensified momentum and strength in this bullish trend. While MACD, on the other hand, also signals uptrend likely prolong further.
But the same is adverse on intraday perspective.
Hence, we advocate buying boundary binaries with lower strikes at 1331 and upper strikes at 1344 levels.
The trading between these strikes likely to derive certain yields in this puzzling trend and more importantly these yields are exponential from spot movements.
For cash or nothing, these options would be exercised if the forward prices to remain between both strikes (i.e. 1344 > Fwd price > 1331).
Alternatively, we advocate longs in mid-month tenors on hedging grounds, In bullion market, gold futures (Comex) trimmed $1.01, to $1,338.89 a troy ounce from the previous session.
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