You are currently viewing Gold Analysis Dated 9th April 2023

Gold May have finished its correction into wave 4 or we may be still into wave 4 and correct it as a double zigzag. Above I have given an image for completing its correction at wave 4.

Gold is often considered a safe haven asset, meaning that it tends to perform well in times of market stress or uncertainty. During periods of economic or political instability, investors may turn to gold as a safe place to park their capital, seeking a hedge against potential losses in other investments. However gold has also shown extreme volatility and at times may behave erratically. Therefore technical analysis alone should not be relied upon as far as gold is concerned and one must always look at economic and geopolitical conditions before deciding when and how much to invest in gold.

Presently gold is showing oversold on an hourly basis and overbought on daily basis.