Gold price trend, with important support and resistance

18 сент. 2022 г.

On monthly time frame, gold price is in downtrend, formed a lower high, RSI below level 60, and in weekly it is sideways near an important support level, RSI approaching near level 40. So, on weekly we may expect correction from 49300 level, which means in coming days, on daily time frame we may expect some up move. But for that we have to wait for a proper price action because in coming one week or two, me may see sideways to volatile market in terms of gold, from where we may witness a double bottom, and may expect an up move, until then, should avoid directional positional trade and then after getting confirmation from price action a trade can be initiated,
Below are the important support and resistance zones
Support zone 1- 49246 to 49078 (marked in color blue)
Support zone 2- 47415 to 47631 (marked in color green)
Resistance zone 1- 50572 to 50403 (marked in color red)
Resistance zone 2- 51753 to 515536 (marked in color purple)

**personal opinion, not a trading advice**