The above is weekly International Spot Gold. As of now Price is quoting at $1211 level. Flash back to 2013 year, we have seen the sharp fall from $1550 level to $1180 after breaching the important Support level of “Reversal Descending Top”. We have heard famous quote in market or its very familiar with all analyst, that, “History Repeats Itself”. As of now, Same Descending Triangle pattern is occurred. Price has taken support near $1180 level. If price succeed to breach this important support level and if price gives weekly closing below $1180 then we may see sharp fall till $1080-1050 zone. Target calculation for the breakout from Descending triangle would be as per down trend channel. Breakout from support level of pattern would give target till lower trendline channel support level.
Medium Term view on International Spot Gold is Negative. If Weekly closes below $1180, it may go down till $ 1080-1050 zone. Reversal zone would be $1310-$1325.
Note: – Above given Gold view would be just for the knowledge purpose. Advising traders do not take any heavy position on the basis of this given article
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.