Gold price made the low at 1204 and reversed back. The price turned upwards and showing nice bullish momentum on the daily chart. RSI moved upwards and same as stochastic indicator and showing further room towards the upside. Price is expected to test the cloud resistance at least. Breaking above the cloud will be a very bullish sign and can lead the price to the new higher highs above 1400 in the long term. Price got rejected from the weekly cloud if we look at the weekly chart. Did the gold prices make longer term low at 1204 or a still downward move towards 1170-1180 remaining? Well it's too early to say that but on breaking above the cloud and weekly close above it will confirm that the longer-term low has been made. Buying gold at this stage looks smart investment to me.
Recommendations: Long at 1230 with target 1250 at least.
Recommendations: Long at 1230 with target 1250 at least.