US FED rate hike has hampered the status of Gold as a safe heaven for investors to fight against inflation. Major support for Gold is at 48963. Below 48963 Gold can loose it's glitter and un-shine to the levels of 47285 or even 45563. On the way up Gold will have to face resistance at 50175, 50301, 50572 and finally 51761.
Gold is approaching a major dual support zone of 49702 and 49245. If these 2 supports are broken we can see a correction in Gold. In case of breaking the supports Gold can go to 48276 or 47362 levels. On the upper side 50352 and 50895 will be major resistances. Everything depends on Pivotal support of 49702. Gold looking really weak here.
Gold very near to major weekly support of last two years. In June 2020 Gold was seen at the levels of USD 1677.70. right now Gold is at USD 1706.70. If Gold closes a week below 1677.70 there is a chance that it can fall to 1659 and 1616. In case of further major rate hikes if we see further weakness in commodities God can go to as low as USD 1568. On the upper...
