Gold gave up some of its sharp overnight gains on Friday, but held above $1,200 an ounce as a drop in equities stoked fresh safe-haven demand for the metal.
On Technical charts, Current trend of Gold is , it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is likely to be further , it has retrace its recent significant upward movement and still sustaining above the downward sloping with formation of symmetrical triangle. It has been taking support of 50 DMA & 200 DMA on one hourly chart. Resistance is seen at high of $1240, while support is seen at $1200. On intra-day basis Gold price likely to trade tight range.
entered and remains in positive territory now, trading at 52.9.
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