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.
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 levels.
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