CMP 26496
Resistance: 35074
Support: 25951
Based on Monthly Chart, Gold has done, as of now, gold done wave b correction between 23.6%-38.2%. Made 29085.
Scenario 1:
If the correction is over at 29085. Break of 25951, confirms down move.
As long as 28178/29085 restricts, I expect more down move. Next targets are: 26326, 26010, 25880, 25500.
Any move above 28180, will change the trend.
If 27429 resists, I expect to see, 26450, 26360, 26110, 26050, 25950, 25712.
If 27117/26694 resists, next targets are: 26400, 26340, 26250, 26160, 26090, 25950, 25850.
Above 26694, confirms the end of the down move from smaller TF and confirms upside correction max upto 27117.
Sellers Strict SL 26710/27130.
TGTs: 26400, 26340, 26250, 26160, 26090, 25950, 25850, 25500.
Scenario 2:
Positionally, If Gold supported by 25951, we can expect big upside move minimum 29085.
Above 29085, we can see 29439, 29823, 30271, 30517, 31018.
Resistance: 35074
Support: 25951
Based on Monthly Chart, Gold has done, as of now, gold done wave b correction between 23.6%-38.2%. Made 29085.
Scenario 1:
If the correction is over at 29085. Break of 25951, confirms down move.
As long as 28178/29085 restricts, I expect more down move. Next targets are: 26326, 26010, 25880, 25500.
Any move above 28180, will change the trend.
If 27429 resists, I expect to see, 26450, 26360, 26110, 26050, 25950, 25712.
If 27117/26694 resists, next targets are: 26400, 26340, 26250, 26160, 26090, 25950, 25850.
Above 26694, confirms the end of the down move from smaller TF and confirms upside correction max upto 27117.
Sellers Strict SL 26710/27130.
TGTs: 26400, 26340, 26250, 26160, 26090, 25950, 25850, 25500.
Scenario 2:
Positionally, If Gold supported by 25951, we can expect big upside move minimum 29085.
Above 29085, we can see 29439, 29823, 30271, 30517, 31018.
