4 May 2018
In our last Gold outlook sent on 7th Feb we highlighted Gold has entered into near term bearish phase. At $1280 we forecasted that gold will rise to $1310 levels and fall thereafter. In line with our expectation gold rose to $1324 levels and dropped back again till $1285 support zone and rose again to find resistance at $1305 levels as seen on the chart. Finally on break of $1286 support gold tested $1265 level twice to form a double bottom formation. In next week market may stay muted between $1266- $1286 however a break out of the either two side looks imminent in coming weeks. $1266 is also supported by a minor trend line support hence if $1286 breaks our first target will be $1315.Break of $1286 on upside will confirm the fall from $1344 is over and market may set the upward momentum back to $1335- $1345 levels else a break of $1365 will pull it down further to $1245- $1250 levels.
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