GOLD has seen a sharp downfall after testing the highs of 2801 on October 30th since the interest rate cuts by the Fed were widely expected, finally came true which added selling spree on gold. Secondly ,Donald Trump victory in the 2024 Us president election has added more fuel to the free fall of gold.
On the daily chart ,gold shows a significant resistance around 2746 , we could see it test this resistance and continue going down, otherwise if support of 2656 gets broken it will go down more to 2525 and lower.
On the daily chart ,gold shows a significant resistance around 2746 , we could see it test this resistance and continue going down, otherwise if support of 2656 gets broken it will go down more to 2525 and lower.
Trade active
looks like the first move of falling will reach target soonNote
the 2738 move won't be happening as we have broken out support .so we go down straightTrade closed: target reached
we can close the sell here . and enter a buy . it will go up then come down after a retestNote
Wish I didn't go for the buy and held sell longer
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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.