XAU/USD gold weekly : 1290$ is long term trend breakout level

XAU USD commodity technical analysis for 21 to 25 march 2016

XAU USD commodity technical analysis for 21 to 25 march 2016

Xau usd or gold spot this week closed with closed with gain. After strong recovery, gold prices are consolidating near major long term resistance of 1290$. Above it expect long term bullish cycle for gold prices. While reversal from here will be best shorting opportunity though my view is bullish and gold might give breakout above 1290$ on weak us dollar and increasing global risk.   Above 1290$, my next major medium to long term target for this precious commodity is 1390$. On downside 1230 and 1205$ are support zones as well as stop loss levels for long traders.

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Pramod Baviskar

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