Gold has been trading in a narrow range since November. It just oscillates between 1000 point range of 28300 to 29300. At the same time it is giving a ascending triangular pattern which is mostly a bullish signal for further up-move. The upper trend-line in the image below shows resistance at 29150 crossing which the up-move will unfold till 29260 and 29400 to register new all-time high. It has good supports at 28450 and 28300 on the downside.
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The formation of ascending triangle shows good height of around 1500 points from the current levels but this is possible only above 29150. This height may not be reached that quickly because every mile-stone from here registering new highs for Gold which may create some selling pressure at new highs or it may take pause like it is happening since one month.
Gold Daily Chart
About the Author : Priya is the Technical Analyst and author of Analystcalls and often writes guest posts for Marketcalls.
