The Daily trend is in an uptrend technically indicated by the following:
• "dow" pattern – higher bottoms and higher tops ( B1-T1-B2-T2 )
• prices is currently trading above the downtrend line
The uptrend is confirmed from the MAs. cross observed – MA10 cross under MA20.
• is ABOVE the equilibrium level- 50. Momentum.
Generally, the main long-term trend has favoured the downside. Keep in mind that the near-term trend push upward higher, clears trend-line resistance and test the SMA200 at 1175.34 - is likely to appear as a corrective move or as a trend reversal-.
Therefore, we will recommend Long Positions for the no position holders on GOLD in case of a move ABOVE the S1 at 1164.20. Take profit at 1190.10- 1201.60 (R1-R2), take profit 2 at 1226.50 (R3), and stop loss should be a bit below the S1, thus the stop loss is at 1125.00.
For Long-holders we will recommend to HOLD their long positions and adopt the same stop loss and take profit orders as mentioned above.
Otherwise, a move below the uptrend trend-line confirms that prices may move downwards and might challenge the 61.8% Fib- (S2) at 1117.30. In this case we will recommend short positions. Take profit at 1099.00 (S3) and take profit-2 at 1080.20 (S4). Stop loss should be a bit above the S1, thus the stop loss is at 1180.00.