On Weekly Basis:
Gold could enter into bear market soon as it may not hold its crucial support of 1680. Gold peaked at 2070, since then it fell upto 1681. It retraced by nearly one third at 1802 completing impulsive wave 1 and 2. Now it entered in impulsive wave 3 Down. Also, RSI is showing a death cross which happened on 1st July, 2022, 50 DMA crossed over 200 DMA confirming a new bear market. Once the level of 1680 is broken then 1560 is the next target completing its impulsive wave 3. Then it will try to retrace the fall and try to reach near 1680. The last target at 1360 cannot be ruled out where the last wave 5 shall end.
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 could enter into bear market soon as it may not hold its crucial support of 1680. Gold peaked at 2070, since then it fell upto 1681. It retraced by nearly one third at 1802 completing impulsive wave 1 and 2. Now it entered in impulsive wave 3 Down. Also, RSI is showing a death cross which happened on 1st July, 2022, 50 DMA crossed over 200 DMA confirming a new bear market. Once the level of 1680 is broken then 1560 is the next target completing its impulsive wave 3. Then it will try to retrace the fall and try to reach near 1680. The last target at 1360 cannot be ruled out where the last wave 5 shall end.
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.