MCX Gold Double Bottom – Potential Reversal
In the last two weeks, MCX gold has lost -2003 points. We may see a continued downtrend up to the support line (Range: 49600 - 49200). Intraday traders can play between freefall by taking it as a target.
As mentioned in the chart, the double bottom pattern will complete when the price fails to break past the two bottoms and heads back to the neckline.
Short-term targets: 50900 - 51860
Long-term targets: 53560 - 53400
But if gold fails to complete the double bottom pattern by breaking the support line, we may see continue downward movements. And the gold price will come at/below 48760 - 48000 levels.
If it happens, I will update you ASAP. Follow my account for immediate update notifications.
As mentioned in the chart, the double bottom pattern will complete when the price fails to break past the two bottoms and heads back to the neckline.
Short-term targets: 50900 - 51860
Long-term targets: 53560 - 53400
But if gold fails to complete the double bottom pattern by breaking the support line, we may see continue downward movements. And the gold price will come at/below 48760 - 48000 levels.
If it happens, I will update you ASAP. Follow my account for immediate update notifications.
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