Gold – Scope for technical recovery
Gold’s recovery from the support zone of $1300-1310 in Asia following a five-day losing streak suggests the bearish momentum may have run out of steam and a break above $1313 could yield a test of $1320 levels.
On the lower side, break below $1300 could yield a quick fire drop to $1284 (rising trend line support).
On a larger scheme of things, we need to see at least two consecutive daily close below rising trend line would suggest bullish invalidation.
On the lower side, break below $1300 could yield a quick fire drop to $1284 (rising trend line support).
On a larger scheme of things, we need to see at least two consecutive daily close below rising trend line would suggest bullish invalidation.
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