Now gold is trading around $1187 & we can see on charts, friday gold rally more than 3% & provided a closing above $1182-1172 resistance which where able to stop gold momentum many times. Technically after breaking $1180 mark gold made a low of $1131 while unable to close below $1138 mark which represent the 161.8% level. This area was very close to the lower of current too. An completion also suggest for 3 corrective wave pattern ahead.
On fundamental side, upcoming swiss bank referendum on 30th nov could play major role for gold price. A voting result in favor of swiss referendum will force swiss banks to buy big quantity of gold which will never come back in market for liquidation.
Based on above studies , there is a major probability that gold will provide a corrective move towards & then move upside for possible targets around $1207 & then $1225 atleast. A day close below $1272 will delay the forecast.
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MCX levels -> S2(26160) S1(26300) cmp (26425) R1(26650) R2(27000)