MCX Gold Double Bottom – Potential Reversal

In the last two weeks, MCX gold has lost -2003 points. We may see a continued downtrend up to the support line (Range: 49600 - 49200). Intraday traders can play between freefall by taking it as a target.

As mentioned in the chart, the double bottom pattern will complete when the price fails to break past the two bottoms and heads back to the neckline.

Short-term targets: 50900 - 51860
Long-term targets: 53560 - 53400

But if gold fails to complete the double bottom pattern by breaking the support line, we may see continue downward movements. And the gold price will come at/below 48760 - 48000 levels.

If it happens, I will update you ASAP. Follow my account for immediate update notifications.