Gold Breaking Down – Rising Channel + Wedge Breakdown

Gold Breaking Down – Rising Channel + Wedge Breakdown

Description:
Gold has broken down from a rising channel on the daily timeframe and a rising wedge on the weekly, signaling a possible intermediate correction.

Key Observations:

- Momentum divergence on RSI, MACD, EFI

- Bearish volume supporting the move

- Price now below 20 EMA, approaching 50 EMA

- Weekly wedge failure after a secondary test of highs


Macro Drivers:

- Lower inflation

- Stable USD

- Dovish Fed stance

- Middle East tension cooled

- Gold appears overpriced on relative terms


Trade Setup:

🔻 Breakdown: ₹97,500

🎯 Targets: ₹92,000 → ₹87,000

🛑 Stoploss: ₹1,00,560 (near ATR and resistance)


🧠 Bearish bias short-term unless macro changes again.