With geopolitical tensions between IS and Saudi Arabia and concerns about an escalation in global trade was boosted gold as haven assets.
Gold is trading at 3 months high, the current price structure is looking to go even higher with significant breakout from 2 months sideway. Trader please look for buy position, any retracement on gold is opportunity to for entry.
Price is heading zone 1254.7 to 1257.3 in the short term. This zone is likely to act as major resistance.
Gold is trading at 3 months high, the current price structure is looking to go even higher with significant breakout from 2 months sideway. Trader please look for buy position, any retracement on gold is opportunity to for entry.
Price is heading zone 1254.7 to 1257.3 in the short term. This zone is likely to act as major resistance.
Comment:
Gold have breakup from 2 weeks congestion zone. 16 Oct target 1254.7 remain intact.
Comment:
Gold have failed to sustain 1221 level, and the rebound has completed corrective ABC wave structure. Thus, please ignore the above impulsive up swing projection. Trading lower than 1208 will resume the bearish trend.
Trade closed: target reached:
Gold traded higher with cautious sentiment between China and US and potential inverted yield curve. Gold reached initial target after almost 2 months of time. Trader please be aware the major resistant as suggested earlier at 1257.3.