- There is a possibility of prices pausing at the 200 EMA (around 24120).
- Most likely prices may test 22800 - 21600 near term.
- If we have started a bear market in Gold, then we may get sharp counter trend rallies. It may be prudent to watch out for short term oversold conditions for a bounce and to reposition in this down trend.
- This is the chart for international Gold.
- In this case the first support zone is between 1300 - 1225.
- But below that we may test 1030 - 930 zone, but this second zone is a medium term target.
- This bear market may persist for a while, since it is correcting a multi year trend.
Overall this stupendous bull run may have run its course, and we may have at best a sideways to down market on our hand.
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