Gold -0.14% -0.14% added another $14.5 to close at $1243 for week as the dollar index 0.09% 0.09% continued to slump due to political issues mainly generated by America. The incremental gains where quite sharp at the start of the week and led to a breakout in the chart, but was slowed down as the higher price was continuously rejected and metal witnessed selloff from the highs of $1253 to close at $1243. On the other hand prices took support at $1241 levels and bounced back in intraday trades suggesting a “push-pull” situation where a conclusive move was missing.
On the chart-
Gold -0.14% -0.14% surged ahead in the trading range creating more bullish momentum . The metal was poised for a big upmove since it had broken the trading range in the first half of the week but the momentum subsided in the later half of the week due to selling/shorting seen at higher levels sending the price to close fairly lower when compared to highs it hit in the week. Still gold -0.14% -0.14% remains in the upside as it moved higher into the trading range.
Gold -0.14% -0.14% is still broadly in bullish grip and is trading well into the range which has a high of $1295 (D) and a low of $1218 (B). The prices are expected to move higher towards $1286 (A) which may be a fair resistance on the chart confirmed by intersecting bullish-bearish ray lines with an outside chance to go even higher towards the $1295 (D) mark if the global sentiments boosts gold -0.14% -0.14% prices. Whereas Friday’s bar was bit bearish among the bars created in the whole week but was still showing positive signs as the price took support at $1238 (C) confirmed by intersecting ray-lines which may now act as a short-term support on closing basis. But a breach may result in more downside towards $1218 (B) which is a good support on the chart and this “mark should hold” to keep the bulls in the game.
On larger terms, Gold -0.14% -0.14% still remains bullish with the prices expected to go higher with initial targets of $1254 and $1268 for short/medium term and a long term target of $1305. While on the downside the price may test $1218 if $1238 is broken conclusively but the chances are slim for such a move.
Positional trade still remains same, Gold -0.14% -0.14% can be bought for possible target of $1254 and $1268 and even higher towards $1305 which is a key resistance on the chart with a stop loss placed at $1217.
For positions held from $1218 stop loss should be at $1200.
On the chart-
Gold -0.14% -0.14% surged ahead in the trading range creating more bullish momentum . The metal was poised for a big upmove since it had broken the trading range in the first half of the week but the momentum subsided in the later half of the week due to selling/shorting seen at higher levels sending the price to close fairly lower when compared to highs it hit in the week. Still gold -0.14% -0.14% remains in the upside as it moved higher into the trading range.
Gold -0.14% -0.14% is still broadly in bullish grip and is trading well into the range which has a high of $1295 (D) and a low of $1218 (B). The prices are expected to move higher towards $1286 (A) which may be a fair resistance on the chart confirmed by intersecting bullish-bearish ray lines with an outside chance to go even higher towards the $1295 (D) mark if the global sentiments boosts gold -0.14% -0.14% prices. Whereas Friday’s bar was bit bearish among the bars created in the whole week but was still showing positive signs as the price took support at $1238 (C) confirmed by intersecting ray-lines which may now act as a short-term support on closing basis. But a breach may result in more downside towards $1218 (B) which is a good support on the chart and this “mark should hold” to keep the bulls in the game.
On larger terms, Gold -0.14% -0.14% still remains bullish with the prices expected to go higher with initial targets of $1254 and $1268 for short/medium term and a long term target of $1305. While on the downside the price may test $1218 if $1238 is broken conclusively but the chances are slim for such a move.
Positional trade still remains same, Gold -0.14% -0.14% can be bought for possible target of $1254 and $1268 and even higher towards $1305 which is a key resistance on the chart with a stop loss placed at $1217.
For positions held from $1218 stop loss should be at $1200.