Goldlong
GOLD Long Term Technical AnalysisAll levels on the chart.
1. Range breaking out after 6 years is significant.
2. Even if the price comes down, there would very difficult for it go below this range due to heavy accumulation over this period.
Channel or trend lines, working well for Gold.Gold which was trading at the lower support zone of a long term channel, has closed at nine days high. After this consolidation, it may trade at higher levels in coming days.
Momentum is also looking strong, indicating a upward price moment.
Beyond technical analysis, the fed rate cut and mixed commentary thereafter can be termed as supportive to a price rise only, the revised tensions between US n China, disputes with Iran, tensions in UAE, ECB rate cut, China slowdown etc. are all the factors that may push the prices of yellow metal higher after the recent consolidation.
Gold | Triangle pattern Triangle pattern observed in Gold. Pattern looks to be valid and the target comes at 1477.
1438 and 1382 are the trend defining levels and so conservatively, longs can be initiate beyond 1438.
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Gold : Buy or SellGold if holding 1345 levels, then can see 1360/-++ levels in near terms, Risk Reward Ratio will be in favor, keeping stop loss below 1345 for upside target.
