The beginning of October saw Gold making a break of the descending triangle following positive data from the US to support a December rate hike. Since then, Gold has slowly retraced and is now hovering around the 200 day . As India begins its Diwali festival and continues through the wedding season, Gold demand is expected to increase. Along with this, a rate hike is not expected in the US until after the presidential election. This supports a short term upwards movement of gold and a retest of the broken trend line before a drop towards 1200 dollars.