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Gold Target Met

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.

Disclaimer: This report has been prepared by the research team and information contained therein should not be considered as "research" as that term is defined by applicable regulations from the company and views referred will not be considered as binding on any client or individual. Information has been collected from sources believed to be reliable and in good faith by the research team , but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness. The information may include opinions, estimates, indicative rates, terms, price and projections which reflect existing market conditions and are subject to change, modification or amendment without any prior notice and may vary from views expressed by other members and reports of the company. While care has been taken in compiling this publication, RouteForex, is unable to take any liability for the accuracy of its contents or any consequences of any reliance which might be placed on it. For details, contact us at, dealing desk on +91-011-29870614/13.

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