XAU/USD which is also known as Comex Gold breached its crucial support level of $1800 and currently trading around $1795. Let’s discuss the daily chart of XAU/USD. Comex gold is in a falling wedge pattern on a daily chart as marked in the chart. Gold is creating panic slowly and gradually and heading in the south direction. As per our analysis, a decisive weekly close below $1800 will take XAU/USD to $1770—$1745 and then to $1710 in days to come. Our positive view gets reversed only if Gold settled above $1840. Here, we expect Gold to test downtrend lower trendline support. Therefore, we recommend our subscribers to go short in Gold around $1800–$1815 with a stop loss above $1840 for the downside target of $1710 in the next few trading sessions. MCX Gold On the MCX division, Gold jumped sharply today because of a hike in import duty by 5%. Gold import duty in India is now 12.5%. It’s a surprise for gold traders because it happens suddenly. Still, there is no strength in the MCX division too. We expect MCX Gold to turn lower again. MCX Gold has strong resistance of 52200—53000 and chances are unlikely to breach the … Continue reading XAU/USD is heading towards $1710; Be cautious in Gold at higher levels