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As can be observed from the daily chart, after a sharp fall, Gold entered into a consolidation phase. In terms of price pattern, it formed a triangle. The pattern terminated at a falling trendline. From there Gold has started a fresh move on the downside. The daily momentum indicator has completed a pullback cycle and is ready for a new cycle down. In the south, the yellow metal is expected to test the low of Rs24992. Once that is broken, the 61.8% retracement mark ie Rs24350 would be the subsequent target. On the flip side, Gold is unlikely to surpass the swing high of Rs27008
As can be observed from the daily chart, after a sharp fall, Gold entered into a consolidation phase. In terms of price pattern, it formed a triangle. The pattern terminated at a falling trendline. From there Gold has started a fresh move on the downside. The daily momentum indicator has completed a pullback cycle and is ready for a new cycle down. In the south, the yellow metal is expected to test the low of Rs24992. Once that is broken, the 61.8% retracement mark ie Rs24350 would be the subsequent target. On the flip side, Gold is unlikely to surpass the swing high of Rs27008