• Price is currently trading BELOW the uptrend trend-line.
The downtrend is confirmed from the MAs. cross observed- MA 10 cross under MA20.
• is BELOW the equilibrium level- 50. Momentum.
Generally, Gold is back to the level of June 2016, broke below the important at 1300.00.
With the break below the uptrend-line which is a signal for short positions, we will recommend SHORT POSITIONS for the no position holders on GOLD . Take profit at 1250.20 (S1+SMA200) and then at 1202.00 (S2) and stop loss should be a bit above the 1300.00, thus the stop loss is at 1325.00 area.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
While sentiment remains , it is too early to recommend any long position. Therefore we are waiting for a reversal move.