Gold may hit new Low in the near term
Updated
In technical viewpoint since Aug 2020 Gold continued traded lower low and lower highs and it does create a descending channel on daily chart.
Staring of this month Gold start traded below 200SMA on daily chart after a long period, which is very bearish signal for Gold.
If we see chart properly we may see a another descending channel within short range which may break fewer times but overall it does test every day and yesterday it break at 1770 level it may be a crucial point for gold, this is second time this month when gold does test this level.
If Gold Price close below this 1770 level on daily it may drag down the gold price near 1720 zone in near term.
We have very strong resistance level on daily at 1790 level and flowed by 1825 and supports level are 1760 and 1720 zone.
In Momentum Indicator there is symmetrical triangle pattern we can see which is about break within next week.
Staring of this month Gold start traded below 200SMA on daily chart after a long period, which is very bearish signal for Gold.
If we see chart properly we may see a another descending channel within short range which may break fewer times but overall it does test every day and yesterday it break at 1770 level it may be a crucial point for gold, this is second time this month when gold does test this level.
If Gold Price close below this 1770 level on daily it may drag down the gold price near 1720 zone in near term.
We have very strong resistance level on daily at 1790 level and flowed by 1825 and supports level are 1760 and 1720 zone.
In Momentum Indicator there is symmetrical triangle pattern we can see which is about break within next week.
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