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Gold likely to move up towards $965 |
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Gold seems to have broken out of flag formation which implies that the prices are likely to rally further from these levels. Gold after staying sideways for past few weeks has given a break with double bottom support at $864.
The short term moving averages are straightening out as the 20 day EMA crosses 50 day EMA from below suggesting beginning of upmove in the near term. The next likely target for Spot Gold from here on becomes $965 with support likely to be at $906.
Weekly Outlook: Gold likely to see a slow upmove towards $965 in the coming weeks. The very near term resistance is at $952. Buying on dips is the recommended strategy for the weak.
Courtesy: AUM Capital Market Pvt. Ltd
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