Nov 01 2018

Gold XAU/USD on the path to shine

After a long fall from 1365.16 till 1160.06 gold has now started recovering its prices. We have a great opportunity to take some position to buy gold. In the chart, there are some beautiful indications which are showing gold should reach higher prices. Initially gold is seeking to touch 1250 and if price breaks that level, next target is 1300. Technically, a sharp and clean rounding bottom can be seen, completing almost 60% of the formation and prices are moving ahead towards a 100%. At this support level, a very strong bullish candle is ready to raise the price further. Secondly, after a death crossover 50 EMA is going upward to retest 200 MVA looks like it is a cake walk. On the other hand, Stochastic is nearly around overbought territory heading to go up after crossover.

Forecast- Target will be 1250 and 1300 else if price breaks 1205 then it will negate the above view.