SusmitBanerjee
Long

Gold Medium Term Buy Setup

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             is unfolding within a corrective 3 leg structure after posting high of 1365. Going ahead, as long as prices are holding above 1312.50 further extension of gains towards 1355 initially and then towards 1400+ will be seen in coming months.
On the alternative side, if prices fail to hold above 1312.50 the triangle scenario(blue line projected direction) will come into play where prices are likely to turn weak towards 1300 ahead of turning higher in the coming months.
Crucial level to watch out for is 1312.50.
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