Gold Chart Analysis April Month - Is this Reversal Area for Gold and Should We Invest Now ?

Gold made a high of 2089 Dollar on 7th August 2020 and after that, it is showing a correction up to 1674 Dollar on 8th March 2021 means 7 months correction. And it is working on 1730 Dollar Price.

Now it forms a pattern that is looking for a sign of reversal from downtrend to the uptrend in the above-attached chart, you can check it is working on its support area which is also supported by retracement. 

If it sustains above this area and forms a double bottom pattern here then it will be well and good for Gold and we will see a fast recovery in Gold in the coming weeks. If you are a long-term investor and you want to invest in gold in the new financial year (2021-22) then this time may prove as the best time for gold investment. 

But you have to keep in mind that if this strong support area breaks then it will be disastrous for gold. You must treat this support area as a stop-loss area. Gold should not sustain below this support area.

Disclaimer: This Chart Study is based on the theory of technical analysis and personal observations. This does not claim for Profit & Loss. 
We are not responsible for any profit or losses made by traders and investors. It is only the outlook of the market with reference to its previous performance. 
All information is a point of view and is for educational and informational use only. All Judicial you are advised to take your position with your sense and judgment.

 

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