WHERE IS GOLD HEADED NOW
Gold had rallied to around 2080 during pandemic on account of Risk off rally and now undergoing correction profit booking has been started for last 15 weeks. Current level is 1782.
It is below 38.2% Fibonacci Retracement. which is 1825. In daily chart base level is 1670
50% retracement is at 1760 and 38,2% is at 1690. So next two supports to watch are 1760 and 1690 / 1670. We do not see a correction below 1670 in the current correction. It must cross. 1825 levels on daily close basis to move upwards.
We will recommend adding of gold in your portfolio near 1760 and 1690 levels for Next year. However a break of 1670 will see a deeper correction in gold.
Disclaimer : The technical analysis is purely on basis of Fibonacci retracements and we are not responsible for any losses that may occur by following our advise.