Gold close with shooting star @ Rising channel resistance With momentum oscillators in overbought zones price may see consolidation before next leg up Going forward if price breaks below 1340 profit booking will come upto 1325-1300 from where buying is again likely to resume with 23.6% & 38.2% retracement coming @ 1320 & 1300
Gold has reached it's resistance zone and making rising wedge on daily chart pattern. If breaking wedge support line, one can go for short trade. However it may attempt to break the hurdle resistance zone; If breaking upper resistance line can go for long. Confirmation must be required for initiating this trade.