Sign of classic bearish bat pattern has appeared on Gold 240
minute chart which completes at 1654. 14 period RSI also respecting ascending
trend line and making higher lows, also supporting short term bullish outlook for
this metal. 1526 will be key support for this outlook and failure below 1526 may
trigger further bearishness that may take it to 1511-1455 in coming days otherwise
it is likely to move towards 1616-1654
zones before further down side.
Supports: 1547-1526-1511-1455
Resistances: 1580-1616-1640-1654
Recommendation: buying gold around 1550-1560 for targeting
around 1616-1654 with stop loss below 1526 on 4 hours closing basis might be appropriate.
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