Gold update

Gold after breath-taking run in short span of time , has even more reversed sharply more than run-up(time-wise). We have clearly indicated that the run-up could terminate sooner and better to book the longs and avoid fresh longs, in the previous post. (https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyECMngjETWFGd-UUmrotnoo3qEj1jjW6dJ7Ha0avS4ZldBmcILUXCfySrsNTsNapZGlv26OBNknBDGyOUGBvnVYS0Fa8JSeMmnwTwxgHHjn0bt5iUkOFls-ChoWAuf1J4_Q3vXmecT8AN/s1600/gold.PNG)

Now, Gold 55 EMA is around $ 1100 levels and trend line support is around this region, with RSI in oversold region, Gold can consolidate before next move.

If Gold fails to hold $1100 then immediate support levels are $ 1065 - 1035 and 990.

A bounce back from $ 1100 can keep the hopes of the current bull trend intact, for target $ 1250 to 1300, anyway trading above $ 1180 would keep intact the given target.

A close below $ 990 would indicate the end of the uptrend, and start of correction towards $ 865 to 680. So, Long Term Investors, can buy($ 1030 to 1065) on any dips with stop loss $ 990.