THIS DIWALI --- GOLDY DIWALI ?
Lets check with the Expert view on Technical Ground .Keshav's View: Hello friends ! the above chart show you the real picture of Gold, what next for diwali .
first of all this is a International Traded bullion Gold chart in term of Forex which symbol is XAUUSD Gold in term of dollar.
According to the above chart gold further take trend-line support and get reversal for uptrend but a long term trend is down from last year, but don't worry it just far away to touch that golden breakout level 1150$. it seem that if it will give strong breakout above 1150$ level gold definitely reach at new upcoming high 1200$ aprox.
Since more Than last six months in daily chart gold traded below 200 DMA. Now it just far away with the level of 1165$ .
RSI Also showing strong strength for upward Breakout .
Now the biggest support is trendline support which is 1110$ approx . if gold sustain above this level this DIWALI definitely a GOLDY DIWALI.
CONCLUSION :
As per technical research Gold showing attractive opportunity for investment.
if Gold will break 1150$ the next target 1165 $ which is 200 DMA and after that 1200$ .
DISCLAIMER:
This is my Personal opinion on the basis of Technical Analysis skills . we provide this research for knowledge and education purpose only .
Keshav Arora CFA
Portfolio Manager
www.financialcorridor.com
09810428142
