Gold Poised for Downside Breakout as Bearish AB=CD Pattern Takes
Gold prices are hovering near 62,064 INR, trapped within a bearish AB=CD pattern that could trigger a further decline in the near future. The pattern's completion at the 161.8% Fibonacci extension level suggests a potential downside target of 59,325 INR. However, a break above the pattern's upper trendline at 63,000 INR could invalidate the bearish bias and open the door for a move towards 64,000 INR. Keep an eye on key technical indicators like the RSI and MACD for confirmation of the bearish trend or signs of a potential reversal.
gold, gold price, gold analysis, AB=CD pattern, Fibonacci retracement, bearish, technical analysis, TradingView
Disclaimer: I am not a financial advisor and this is not financial advice. Please do your own research before making any investment decisions.
gold, gold price, gold analysis, AB=CD pattern, Fibonacci retracement, bearish, technical analysis, TradingView
Disclaimer: I am not a financial advisor and this is not financial advice. Please do your own research before making any investment decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.