DEEP2DEEP

DEEP2DEEP

GOLD D1 Chart - Please observe in this chart that last two upward rallies ended at DMA 50 and DMA 100 and now it seems to be turn of DMA 200 to end this rally at $1254.XX . IMO :)

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Probable ABCD formation on H1 may take GOLD to $1254 / 55 , which is also 200 DMA.

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Gold is facing strong resistance at $1231-38 for past two months , today also GOLD retracted from same zone and now may go down if it fails to break this crucial "Resistance Zone".

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My long term view , GOLD will bottom out around $800 - 850 to end "Bear Phase" .

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Upward channel seems to be breached lower trend line , same time Dollar Index (DXY) is all time high, correction in it will effect GOLD and we may see Intraday Spike towards $1230 - 35 - 40 . Keep in mind today is FOMC :)

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Daily Chart Indicating Triangle Formation , We may see breakout towards support zone for confirmation of trend in next week. Resistance - $1203.54 & $1237.17 Support - $1168.58 & $1137.50

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In my view GOLD may test lower lows in the range of S1100 - $900 before any significant bull run. Your Views are welcome :)