xau usd weekly : gold heading towards 1295-1340 zone

xau usd weekly technical analysis for 7 to 11 march 2016

xau usd weekly technical analysis for 7 to 11 march 2016

Xau usd or spot gold this week closed at 1259 with gain of almost 3% plus. After last 2 weeks correction and consolidation, prices picked up momentum and heading towards 1295 and 1340 zones.   For traders, xau usd support zones are 1220 and 1200$. On upside 1295 and 1340$ resistances as well as target zones. On monthly chart this week be straight third gaining month for gold prices. On this chart target seems to be at 1325.   Indicators pattern on monthly chart suggesting long term bottom pattern and 1800$ target for gold with long term view.

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Pramod Baviskar

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