Gold update with weekly chart

Gold has been making higher high and higher lows for past few months.

From the chart is clearly visible its trading above the inverted Head and shoulder pattern and the target for this pattern is around $ 1260(closing basis) to 1330.

Now with MACD is indicating negative divergence with price hitting new high and MACD is lagging behind and RSI too indicating overbought, it better to enter on dips with stop loss $ 980 for long term. Longs can move the stop loss to $ 1100 to protect the profits and can re-enter around the support levels given in the charts.

If Gold closes above$ 1130 for consecutive days, in next few days, then there can be huge short covering and last phase of panic buying with target of $ 1250 in short term.