Gold Mini Futures (MCX) overview

 

Gold Mini Futures (MCX) – 5-minute timeframe. Here's a detailed technical analysis along with target, stop loss, and view:

🔍 Technical View: Downtrend Line Breakout Attempt:

The price was following a clear downtrend, as shown by the black trendline.

It is now attempting to break above this trendline, which could signal a trend reversal or pullback.

Fibonacci Retracement Levels (from recent high to low):

0.382 level at 98,664

0.5 level at 98,111

0.618 level at 97,557

0.786 level at 96,769

Immediate Support Zone:

Strong support observed at 95,765 – marked on the chart and aligned with previous lows.

RSI Indicator (Bottom Panel):

The Stochastic RSI is rising from an oversold zone (below 20), indicating bullish momentum building up.

🎯 Intraday / Short-Term Strategy: ✅ Buy Entry Above: If price sustains above 96,400–96,450, indicating a trendline breakout confirmation.

🎯 Targets: Target 1: 96,769 (Fibonacci 0.786 level – minor resistance)

Target 2: 97,557 (0.618 level – strong resistance)

Target 3: 98,111 (0.5 retracement – medium-term pullback level)

🛑 Stop Loss: Place stop loss below 95,750 (previous swing low and major support zone).

📈 Technical Summary: Item Level (INR) Remarks Buy Zone 96,400–96,450 On breakout above trendline Stop Loss 95,750 Below strong support Target 1 96,769 First resistance at 0.786 Fib level Target 2 97,557 0.618 retracement, next logical level Target 3 98,111 Deeper retracement if momentum continues

⚠️ Caution: If price rejects the trendline and drops below 95,750, avoid long positions.

RSI needs to break above 60 to confirm strong bullish momentum.