Gold Forecast And Technical Outlook [27-Dec-2022]

Gold Technical chart is showing a formation of the “Ascending Broadening Wedge” and we can see in the medium term that gold has been strong, while gold hovering near its highest level in six months, but Bullion prices were flat last couple of sessions.

Which made the yellow metal to retrace 55000 levels, while trying to make a higher high, but saw bears charging and it started losing it’s shine, as a higher interest rate may dull the shine of the bullion, the yellow metal touched a high of 54748 in the last session, while gold may still try to break the all-time high by retracing 56000 levels if the sentiments stay strong, in the last couple of sessions yellow metal gave few sideways movements while broadening upwards, and in the last session it closed below 55000 levels giving an indication fear is entering the commodity, now we have to see if gold will make an another higher high or will start moving to make a higher low, and as per the technical chart, we can see it’s a continuation pattern we have to see if it tries to break out of the pattern or follow the pattern, the key resistance is placed at 55114 and the key support is placed at 54250, in today’s session, it is expected for gold to trade in these ranges.

Gold Forecast | Silver MCX Tips Today with Target

 Buy if able to sustain above 54746 and not break below it, then buy for targets of 54893-55046, keeping an SL of 54662, and sell if it breaks below 54617 for the targets 54524-54447, keeping an SL of 54733.

 Gold Techincal chart

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Note: Above information is not recommending any buy or sell position, this is for your reference only and trading or investment in commodities & derivatives is subject to market risk

Disclaimer: Investment in the securities/commodities market is subject to market risk, read all the related documents carefully before investing/trading. 

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