Published on 6/05/2019 5:22:13 PM | Source: HDFC Securities Ltd

Gold shows that it has formed a minor bottom for the short term - HDFC Securities

Posted in Special Event Reports| #Gold #Special Report #HDFC Securities


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The daily chart of Gold shows that it has formed a minor bottom for the short term. Price has formed a double bottom at 1265 levels which is bullish formation .

Price has completed a major three wave decline from 1346 to 1265 levels which suggests a Flat Pattern.

So initially we could expect an upward retracement of last major falling leg from 1346 to 1265 . Gold is heading towards golden upward retracement s of 38.2% & 61.8% levels which are placed at 1296 &1316 respectively.

RSI is placed with minor positive divergence which is could add further strength to bullish stance.

Overall maintain bullish stance in Gold for the target s of 1296 - 1316with a stoploss of 1260on closing basis .

If price moves above 1288 within next 3 trading days then it could validate Faster Upward Retracement which is a larger positive trigger.


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