SunnyPawar
Long

Long term Gold forecast

TVC:GOLD   CFDs on Gold (US$ / OZ)
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


If price closes above $1300 - then go long, 1st target would be $1376, with stoploss below $1300 with some cusion using ATR to avoid getting whipsawed from the trade.

If price closes above $1376 - then go long, 2st target would be $1534, with stoploss below $1376 with some cusion using ATR to avoid getting whipsawed from the trade.





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