Trading suggestion: . There is a possibility of temporary retracement to suggested support line (1494.30). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . XAUUSD is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support....
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
at this time scale, gold is looking un believable!
Important news is out, Gold has been consolidating in a narrow range for some time. Forming a triangular pattern on daily charts with RSI turning positive. I believe, traders can trade in the direction of breach of this triangle, sound chances of relaiming 1500+ USD, if it exceeds 1484.
1478 to 1480 is the resistence zone.. sell at 1478 sl 1481 target 1470 1465
I think we see a big drop on gold in this week because some news affect the gold price this week