Gold (06.08.2014) traded lower & retested the support zone once again.
Now gold is trading around $1301 & we can see on charts, gold was able to provide a triangle breakout. This breakout was very much awaited after gold placed a bullish candlestick pattern just above the 61.8% feb correction level. However today breakout confirm the upside move for coming trading weeks. RSI oscillating just below 50 mark which will provide more strength if crossed.
On fundamental side, Russia Ukraine is issue is again coming radar & may support safe haven buying.
Based on above studies, we expect gold to move higher & reach to $1320 & $1344 level respectively. Only a fall & close below $1278 will force us to reanalyze the charts.
Note – Above view is based on technical studies & do not represent our buy-sell recommendation. For recommendations Contact Us