Gold has been in downtrend since 29-8-2011 to 17-08-2017 approximately, Just to put things into context.
Now, Gold closed above the trend line @ $1288.52 on last Friday. If it sustains above $1300 with good volumes then the uptrend in gold can be confirmed.
There are also Fundamental reasons for gold to move up as as mounting tensions between the U.S. and North Korea may support strong demand for safe-haven assets.
Technically, it could be a complex correction A-B-C or a start of new impulse. In both the cases the my bias is on the upside. As pointed in the chart above.
First target: $1376 ( but wait to close above $1300 first)
Second target: $1534
Now, Gold closed above the trend line @ $1288.52 on last Friday. If it sustains above $1300 with good volumes then the uptrend in gold can be confirmed.
There are also Fundamental reasons for gold to move up as as mounting tensions between the U.S. and North Korea may support strong demand for safe-haven assets.
Technically, it could be a complex correction A-B-C or a start of new impulse. In both the cases the my bias is on the upside. As pointed in the chart above.
First target: $1376 ( but wait to close above $1300 first)
Second target: $1534