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Main scenario: If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement.

Targets: 46860 – 46600 – 46000 – 45660 – 45200

Alternative scenario: If gold remains above 0.5, it may try to hit 0.382 (TP: 48260 – 49000+).

So, here hurdle is 47296 for the short-term traders. Intraday traders can play both sides.

And we may see a strong uptrend after hitting the support.

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