Gold has been in uptrend for some time, It has broken a major trendline some time back.
Its recent high or 1610 USD or 41300 Rs. is likely to be exceeded soon.
One candle stick remaining to complete the flag that is march. After hitting the April high we can expect decline in a same pace. And the April target is $1700 .
“The potential industrial fallout from coronavirus is already leading a number of governments to cut interest rates or add to easing activity, while the U.S. 10-year bond has been dipping in and out of negative territory. This is all positive for gold in a risk-averse environment, although by definition we cannot know for how long it will be before this outbreak...
According to my wave count ( Elliot wave) we are going to see wave 5 soon after wave 4 will be sone at the level of 1440-1430 so we can have long position from that point by taking stop loss 1400 and target as explained in the chart.
this is just a view which is only for educational purpose, please don't invest until you have some financial advice from an expert.
GOLD if closes above 1463.61 for a day buy above 1463.61 with 1456.38 as stoploss. Targets 1498.44, 1514.76
A close below 1455.78 in daily time frame, expect a fall to 1415.77, 1410.89
