xau/usd forecast-watch 1348 as final base support

gold spot or forex xau/usd trading at 1376 with loss for today.today we seen lows at 1359 while high was 1401.around 41 dollars or almost 3%+ intraday movement.

on daily chart,technically xau/usd trend is down but momentum is building recovery rally.on chart xau/usd week average is 1380 then on upside 1428 is month average and 1486 is 3 month average and strong and last resistance on daily chart.on downside 1345 is major base support while recent low was 1335.on closing basis 1348 is most important level here if closed below this then 1330 and then 1210 will be downside targets.

while as macd forming higher bottoms and rsi showing recovery pattern.we may expect recovery rally upto 1430 and above that 1490 in next 8-10 trading sessions.traders can enter long near 1360-1365 with closing basis stoploss below 1348 and expect 1428 as first target on upside.below 1348 can take short position with stoploss 1430 and medium term target at 1210.

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Pramod Baviskar

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