Since from Aug. 2020 the price has a descending trend and bounced off from the support level of 1678. After fixing at the resistance level of 1768, the price will reverse and finally fall to the support level of 1683.
The price after testing the resistance of 1 hour Bollinger Band fall towards the support level. The more times support is tested, the weaker it becomes and thus the price will fall. So, its the right time to take entry for short.
The price showed a continue fall from Nov. 2007 touching points at 125.559, in Dec.2014 at 106.509 but now it has reached at point 88.306 forming a rising channel.
After a breakout from a channel and touching the strong resistance line, the price has showed a downfall again. The target will be at 85.512
The price has shown a tremendous fall from Dec. 2020 till now but now it is in between the strong resistance line and support line. While reaching the support level of 0.8474, the price will grow towards the target.
As I have said in my previous idea that the price will grow after reaching the support level. On reaching 1.23 level, it has shown a nice correction.
Now I expect the price to reach 1.18 and fall to the level of strong support.
In 6 August 2020 the gold has made all time high and then began to fall. On reaching the support level of 1764 in 1 Dec. 202 it again rose to the level of 1959 forming a falling wedge.
Now the price will rise to the resistance line of 1764 and drop towards the support level of 1620 which will be our target.