Trading Call: XAU/USD Sell CMP @ 1464 Stop Loss of 1505
Target of 1320 – 1240 - 1160 levels.
Gold has retraced by 61.8% of the fall from the level of 1590 to 1321
and if the resistance of 1485 hold on closing basis reversal is expected from
current level and will test immediate support of 1320$ and further trading
below 1320 will bring to 1240 and 1160 on lower side.
We expect gold to fall by 161.8% of A-B from Point C which is the
expected target of 1160$ on lower side.
On higher side till the time its below 76.4% retracement at 1525$ we
expected this rise was just a pull back of the sharp selloff. Selling will
continue from current level and further support of 1425$ and 1385$ can be seen
immediately.
Market is in bearish trend and any level below 1200 – 1160 range will be
the level to go long in market and it will enter in fifth wave in long term
chart where some life time high level can be crossed in years to come.
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