Will Gold continue its downtrend?

Gold has been in a medium-term downtrend, forming lower highs and lower lows. The commodity has been sustaining below the 200-day EMA for almost a month now. Because the commodity is yet to make a fresh pivot in the form of a higher low, the downtrend continuation is expected to happen in the commodity, and it's expected to create a fresh lower low by breaking below $3942 in the coming weeks and months.
 

The trend remains down in the lower time frames as well. However, the range has been shrinking over the past few days, and there is a possibility that the trend could change to sideways in the short term. The commodity is trying to break the downtrend sequence as it's trading within the range of $4066 and $4228. A break above @4228 will change the trend upwards, while a break below $ 4066 would result in the downtrend continuing and possibly challenge $3942.

ADITYA THUKRAL, PROPRIETOR, AT RESEARCH AND RISK MANAGERS
SEBI Registered Research Analyst INH000013794

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