Tuesday, 25 September 2012

Gold is correcting sideways, uptrend to resume

Since it hit 1780$ area, gold has been making 30 dollar up and down swings.....From 1780$ to 1755$ and then back up to 1790$ and then back to 1760$. A triple bottom formation has been noticed in the 1 hour chart. Our view is that with that level as a stop reverse, gold could rally above 1800$ soon. The movement of the last few days is clearly corrective and sideways. Gold is just making a pause after the 1630-1780 rally. The longer term bullish view remains unchanged. In the short term with 1750$ as  a stop, investors could profit from a move with 1800$ minimum target.

Thank you for taking the time to read my post.

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