After retracing 61.8% of recent rise or we can say wave I,
Gold has given a positive daily close in yesterday's trading session, it looks like corrective wave II is completed and now wave III can possibly unfold, we also noticed that since april 2020 gold is responding nicely as support and resistance at these areas of $1740 to $1760 price zones, at this time both things are combined at same location ( recent retracement 61.8% at price responding zone ), as wave III unfolds we can see prices at new higher highs then previous highs, any indicator turning bullish will surely make boost in prices, one can go long with stoploss of $1740, on higher side in the near term , the 50ema and 100ema in daily time frame, which are currently pegged at $1793 and $1799 respective are immediate resistance levels to watch out for. once gold breaks and sustains above the key daily emas, the bulls shall take charge in there hands and more boost in prices can be seen. on the way down, the swing low of $1743 will be a crucial support level to watch out for in the near term.


Prices are at major responsed area ( support & resistance zone )
Price retraced near 0.618% of recent high
key levels are mentioned on chart along with stoploss & targets
wave structure could be like this

Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing
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