Gold very near to major weekly support of last two years.

Gold very near to major weekly support of last two years. In June 2020 Gold was seen at the levels of USD 1677.70. right now Gold is at USD 1706.70. If Gold closes a week below 1677.70 there is a chance that it can fall to 1659 and 1616. In case of further major rate hikes if we see further weakness in commodities God can go to as low as USD 1568. On the upper side once Gold finds it's bottom and goes north the major resistance will be seen near USD1741, USD1777. Gold will find a major resistance near 1842 on it's way up. Long term bullion investors can start buying gold X/3 at CMP. X/3 can be bought if prices falls to 1538-1616 levels. X/3 entry can be taken above 1777 levels.