I have been mentioning about the possibility of the gold price falling down and the recent price rise to be a retracement than an up trend. While the level 1 set up was indicating a huge upswing in gold prices, level 2 and 3 set up are still showing a SELL trend. In a higher time frame like MN, the gold price is near a low ZZ but in all other time frames the gold price is near a high ZZ. Hence kept the SELL order open after removing the stop loss. The next level which could act as a support is 1142. If the gold price does not go below 1142 this week, then there is a remote possibility that the gold price MIGHT go up. My belief is that the gold price is supposed to go below 750 in this year and probably even lower than that next year, depending on how it closes for this year. As mentioned in one of my previous posts, if the gold price does go below 500 then the world stock markets also should follow suit, which could mean a greater depression than 1929.
