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Technical Inference:
The technical charts of gold form wave patterns on daily terms.
The price behavior is oscillating within the limits of these waves. The precious yellow metal has not been able to hold onto trend line resistance and sliding below consistently.
It has also slid below as and when it hits upper Bollinger band.
The collapse below 7 & 21DMA and breaks bellow trend line supports at 1242 levels.
Both leading oscillators signal intensified selling momentum on daily as well as weekly terms.
RSI, Stochastic curves have been indicative of suggesting current bearish trend to prevail as they have been converging to the declining trend.
While MACD's bearish crossover approaches bearish trajectory that is likely to drag down further.
On broader perspective, current prices have slid below 7EMA to signal further weakness in the days to come.
Bears in Gold has wiped off buying interest completely and been tumbling consecutively from last couple of weeks, now at testing supports at wave baseline with 4-weeeks lows.
Trading tips:
Those who suspects bearish sentiments in bullion markets can speculate yellow metal with option tunnel construction for the targets at 1200 levels.
Currently trading at 1234 but no wonder if it hits 1225 zone sooner or later.
We rely on stochastic and RSI and as they pop up with selling momentum so far, so smart way to approach this commodity is to deploy the option tunnel using ATM puts is structured as a binary version of a conventional put spread, i.e. long delta puts with higher strikes while writing the lower strikes for above mentioned targets on either side.
Therefore an In-The-Money tunnel would be formed of an In-the-money -0.71 delta put below the spot rates less an Out-Of-The-Money put above spot rates. The delta of -0.51 on combined position with theta is preferred to be near zero.
