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Gold recovery still confusing

Gold (23.03.2015) moved higher as mention in our last article just around swiss gold referendum & posted a higher above $1300 mark. However it felt sharply & reached to the previous bottom around $1138.

Now gold showing recovery from previous bottom level & also broken from a shot term descending channel as shown in picture. However this breakout is not supported well in terms of volume & that force us to stay concern about this upside rally. The strength of this rally will be tested on $1205 once.

On fundamental side a clear signal from FED to not raise the interest rate very soon & over bought conditions in dollar could support further.

Based on above studies, gold probably will more higher towards $1205 in coming trading session & will test the strength on this mark.

Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us
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MCX levels -> S2(25900) S1(26010) cmp(26150) R1(26330) R2(26510)