Gold steadied last week after witnessing a steady decline is seen rebounding as the dollar seems to be tripping on reduced expectations for U.S. interest rate hikes next year. The dollar suffered its biggest drop in five months on Wednesday after minutes from the U.S. Federal Reserve's showed "many participants" were concerned inflation would stay below the...
It is been observed on daily chart that the price action is making lower highs and lower lows, indicating a bearish trend. Now, it shall further move down to the next support levels at around 81000-80300 levels.
Risk Reward: 1:1
As per Elliott Wave Theory, the gold charts indicates a completion of a Flat ABC Correction that signals a new wave to upside. This is a good time to invest or take a swing trade position in this before the festive season begins in India where we generally see rise in the Gold market. Take positions with stoploss at 87200 Target 1: 90000 then Target 92400.