9 September 2016

WEEKLY GOLD OUTLOOK FOR 12-16 SEP 2016

SELL GOLD AT 31250 TGT 31100/31000 SL 31350

Gold:  MCX Gold prices have completed Bullish AB = CD pattern at 31153 levels on hourly time frame. On the other hand, prices have been trading above 100 HEMA on hourly time frame. Looking at ADX, Positive Directional Index (+DMI) is in dominating position with rising average direction index on daily chart. Moreover, Momentum Indicator RSI is trading above 50 levels on daily time frame. For now we expect prices should move higher towards 31520 levels in the coming trading sessions. Oct. Gold prices can move higher until counter trades above 31250 areas. A re-test of 31466 levels is likely in that case. On the contrary, weakness below 31250 levels will push prices lower towards 31150/31100 levels. Traders though can look to go long on dips towards these zones with a stop loss placed below 30995 levels. The pullback rally has an upside target of 31577 levels.

Outlook: We expect gold prices to trade negative .
           
R2
R1
S1
S2
TREND
GOLD
31500
31300
31100
30800
BEARISH

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