Comex Gold

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 Comex Gold 4 hour chart


Analysis

As seen in the above chart, prices are moving in an expanding wedge pattern and in my previous update I had mentioned that gold prices are expected to move down towards $1980 levels which can be utilised as a buying opportunity.

To view my previous update on Comex Gold, click on the below link

https://www.marketanalysiswithmeghmody.com/2023/05/comex-gold-anticipated-happened-and.html

Prices are moving down as expected but has not breached $2000 levels. As the lower trend line is rising, the buy zone now appears to be in $1980-1990 levels. RSI is also moving towards oversold terrain.

From Waves perspective, prices are moving in wave v of wave v which is forming expanding diagonal pattern (i-ii-iii-iv-v) where wave iv is under making where it can falter towards $1990-1980 levels and then wave v of wave v on the higher side which can move towards $2100-$2110.

The summation is Comex Gold can be bought near to the level of $1990-$1980 levels for the up side level of $2100-$2110 over short term. The support will be placed at $1950.

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