Gold Poised for Downside Breakout as Bearish AB=CD Pattern TakesGold 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.
