Comex Gold Outlook: Gold has been in short term uptrend since 20Oct and day before yesterday it took multiple support at 1730 which is its 20day MA coinciding with up trendline. As long this trendline holds, short term view on gold will continually be up.
Analysis: Following observations have been made from the below chart:
>>Making higher highs and lower lows since 20Oct on daily charts signaling uptrend.
>>1725-30 will continue act as good support being trendline value and 20day simple MA. Also 1724 is the 50% fibb level of the fall from 1920 to 1530.
>> Yesterday Gold crossed its Fibb 61.8% 1770 level giving bullish sign.
>> As long as up trendline is broken down, the short term trend will continually be on the upside.
Conclusion:
Analysis: Following observations have been made from the below chart:
>>Making higher highs and lower lows since 20Oct on daily charts signaling uptrend.
>>1725-30 will continue act as good support being trendline value and 20day simple MA. Also 1724 is the 50% fibb level of the fall from 1920 to 1530.
>> Yesterday Gold crossed its Fibb 61.8% 1770 level giving bullish sign.
>> As long as up trendline is broken down, the short term trend will continually be on the upside.
Conclusion:
Short term: One could buy Gold on dips around 1770 levels with stop @1745 and target of 1820.
Positional trade: Buy on dips arround 1750-1770 with stop @1720 and target of 1860
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