Gold (USD1277) : Bullishness intact in the medium-term
It can be seen from the
weekly chart that gold attempted to test the upper trend line (USD1,200) of the
downward sloping channel and ended in a bull candle marked by in a green circle
( Mid of Feb 2016) . Since, then it has
been trading above it.The implication of the channel breakout is bullish
in the medium-term.
In addition, gold has
crossed the previous swing high, the structure is looking very bullish, and it
seems that the commodity would head high towards the USD1,360 .
On the weekly charts,
momentum oscillators are in the buy mode, confirming this trend.
However, the daily candlestick
structure, suggests it could retrace the current up move. In the short-term
buying could emerge near the USD1250- USD1240.
Medium-term support level
is placed at USD1190.
We will, likely to keep the bullish outlook on
the yellow metals until the prices closes back below the 200-day moving average.
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