Just thought of posting quick update on Gold Medium term trend. Price structure of the Gold Weekly Charts are moving in a sideways bearish trend since mid of 2013. Longer term bearish momentum got faded out completely. In financial markets such fading moment mostly happens near the end of the trend(bearish/bullish). And the weekly outside bar on the Gold charts due to Fridays fierce price moment indicates bullishness likely to resume in Gold.
To be noted that Gold and Silver are out-performers compared to most of the major commodities. Year to Date Gold and Silver had lost 7.4% and 8.47% respectively. Copper, Crude, Natural Gas, Platinum are some of the notable top losers among commodities
ROC indicator on the weekly charts indicates heavily oversold and Weekly Sentimental indicator turned positive post outside bar formation and the daily sentiment too turned positive this week which suggests the medium term gold is likely to be in the mean reversion mode from the 6 year lows. In the shorter run one can expect gold to test 1106 levels and in the medium term 1132 could be the potential zone to watch out.