munni006
@t_munni006
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gold has rallied from 2020 to nov'24 . price pause at 2800 us dollars. as per harmonic pattern my view on gold for short term is bearish.
gold has rallied more than 1 year due to russia ukraine ongoing war. countries have bought physial gold comparatively higher qty in last two years. every 4 years commodity cylce will see a sharp decline. my analysis says gold if not cross 3000 mark. every up move will be a shorting oppurtunity for a price correction upto 2400 to 2380 us dollar per ounce for medium term view tat is feb end to june 25. looking at US markets even sp index too in overbought zone which has rallied continously for 2 years. gold rallied too much from 2022 to oct 2024. price correction and time correction is enivatable in gold since proper correction not seen after 4 years of rally. all indicatiors envelope rsi are in overbought zone. price has touched 2870 twice which will be double top and once agiain it might touch the same level making triple top.
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