Golds drifts sideways between $1728 and $1740

23 mar 2021

Gold has been drifting sideways within a ting range of $1728/40 levels, since hitting $1756 levels over the last week. Please note that the yellow metal had reversed from confluence of trend line and fibonacci 0.382 resistance around $1756. It is quite possible that Gold has terminated potential Wave 4, and is preparing to decline towards $1650 and $1550 mark to terminate Wave 5. Alternately, we remain prepared for a push through $1770/80 highs before Wave 4 terminates and the metal resumes lower.

Remain short against $1960, towards $1550