Gold tested strong support and now pulling back, here we need daily close above 1775 for bullish move confirmation, if gold stayed above 1860 then we will see 1830 in coming weeks
target upto 1830
we have two scenarios of gold right now, above 1830 price will touch 1850 resistance and will move down to 1800 level
if it broke down 1810 then it will touch short term support @ 1795-1800 and then grow and will touch upper declining trend line @ 1850
over all trend is bearish for gold in coming months
press like if you agree with my idea, my previous forecast...
Gold is bearish as it has no power to go up, it touched several times rising trend line but failed to pass 1875 barrier and declined after touching declining trend line(red), so below 1832 we will see big fall to horizontal supports areas.
press like to support idea if you are agree
gold has taken big correction after falling from 1959 to 1802, i think it will fall towards 1765-1720 level soon. upper declining trend line is still going valid so if price failed to stay above this line then a big fall you will see soon.
short it at cmp
Here is 1830.00 level of decision for gold, below it we will see 1775
And stay above 1833 will lead to 1865 and 1900 in coming weeks, trend seems bearish right now, most probably breakdown is expected ahead of monthly closing today. let see what happen.
after falling to 1802 level gold still have not retraced much as retraced previous falling and retracements, medium trendline has been broken before so it has not much power to encounter bulls, the target is upper declining trendline, Gold also forming inverse H&S pattern so i expect price to take a dip to 1830-1833 level and then will move towards 1925-1930.
Gold last week closed at 1854, right now if it could not cross 1864 level first then it will fall towards 1828-1830 support and if it stay above this level then will go towards 1870-1875 level, will face declining trend line(blue) and will make a fall towards 1818 level first and then 1775.
Sell is recommended with sl of 1880
After breaking a strong resistance 1863 gold reached 1870 and till now staying above 1863 (that has become a support now), next channel resistance is 1880-1882, at this point buyers will encounter with sellers and most probable is the gold will drop from this point to 1860 area, will get a trend line support and again will go up, if could not stayed above 1882...