please check our previous analysis of 16th July,2022 regarding Gold with this current analysis of pyramiding  into the position.

Attached is the daily chart of Gold.

Technical View:

1. Gold , daily, working inside the two falling wedges (falling wedge inside falling wedge) , 2 black parallel lines above & below the price, with short term falling wedge broken & now coming to throwback level near 1727.
2. Elliot Impulse Wave completed with 12345 near 1680 and formed the corrective waves A near 1807 & currently working in the B with support coming near 1727, which should hold & start the wave C for 1850 near months of resistances (horizontal Blue Line).
3. Daily RSI also seems bit  oversold even though not below 30, but seems far stretched indicating buying should resume soon.

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China Taiwan conflict will only put the oil in the fire & make it go higher only if any uncertainty happens as china is doing drills and what not.

Fed will be cautious enough not to raise the rates aggressively now as already 2 q/q negative gdp prints came with inflation data this month came corrective.

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PLAN :

buy, accumulate gold between -1732-1727-1709 for the target of 1852-1872.

Thank You,

Sanjay Galani, CMT,CFTe