On Weekly Basis:
GOLD completed its correction from USD 2070 to 1615 in its 5 Wave Down. It took a support at 1642 on weekly charts. It breached a strong support at 1700 which was a false bear move and reversed the trend immediately. Fresh new Wave has just started. One can be cautiously optimistic and it provides a good choice to buy at current level with a minimum target of 2070, which becomes a strong buy from long term point of view. There is a golden cross over at 200 DMA, happened in 1st week of January'23. It has come out of oversold position to neutral zone. RSI was deeply oversold in September'22. Now it has broken the downward trendline and continously going up with minor blip down.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
GOLD completed its correction from USD 2070 to 1615 in its 5 Wave Down. It took a support at 1642 on weekly charts. It breached a strong support at 1700 which was a false bear move and reversed the trend immediately. Fresh new Wave has just started. One can be cautiously optimistic and it provides a good choice to buy at current level with a minimum target of 2070, which becomes a strong buy from long term point of view. There is a golden cross over at 200 DMA, happened in 1st week of January'23. It has come out of oversold position to neutral zone. RSI was deeply oversold in September'22. Now it has broken the downward trendline and continously going up with minor blip down.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
