Gold Upside Trend Will Continue
| Aug 11, 2016 03:56AM ET
Gold (11.08.2016) continued consolidating from the last four weeks and is thus producing a triangle pattern, indicating the current upside move will continue in the coming weeks.
As we can see on the chart below, levels around $1302 - $1310 and $1330 are becoming major support areas, while we need a volume breakout from $1367-1375 zone for another upside move. RSI continues testing 50 mark with double bottom pattern, supporting the upside move probability.
Based on the above, gold is likely to move higher in the coming days for possible targets around $1367 and then $1470.
MCX levels -> S2(30510) S1(31090) cmp(31340) R1(31850) R2(32100)
Disclaimer: The above technical analysis is not a buy/sell recommendation.
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