Gold has been moving in ascending channel since the start of this massive, parabolic bullrun. Sentiments started shifting since it tried to break the channel upward, twice, and failed.
Finally it fell and broke the channel down, achieving the target of previously posted idea and fell below 4600..
It turned more bearish and broke weekly EMA20, it was respecting for a couple of years.
Current weekly outlook suggest that more fall is expected with a target of 4150 area.
Immediate/ Strong support lies at 4400.
we might see one bullish ( rather corrective ) move upward towards 4700-4850 area once, if it still has to retest the channel. ( Less likely from current outlook).
Only question is, if it’ll take support around 4400 and bounce back or it’ll continue towards 4150?