Gold : Bullishness intact in the medium-term

•                                           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.