MTECHTIPS COMEX GOLD INTRADAY trading analysis 09-05-2016
MTECHTIPS :- Gold Xau usd or gold spot this week closed with loss. Comex gold showing topped out pattern on weekly chart also confirms dollar index bottom. My 1270$ tgt achieved in this week now next week. 1295 to 1310 is fresh short addition zone for tgt 1260 to 1245$.For next week, xau/usd outlook remain weak and strategy remain sell on rise. We will see sharp selling rallies below 1260$.Gold might test 1220 to 1200$ levels before moving on upside. Monthly chart also showing early signs for fresh downside in medium term.50% correction of previous rally comes around 1165$ so expect that as medium term corrective tgt.