Non risk averse trades who are
not afraid of hitting another stop loss on gold can buy the gold at CMP. If we
look at the daily chart of gold it seems to be forming a reversal pattern. Any
breakout of 1250 will lead gold to 1300 to 1350 levels.
In the weekly chart we can see
that gold is very near to breaking the downward sliding channel. In case gold
moves above 1350 or beyond it may have completed a long term correction which
lasted almost 3 years from August 2011 to January 2015 and resume its uptrend
or at least give a significant upside from current levels.
Summary:-
1. Buy
gold at CMP of 1240
2. Stop
loss at 1170
3. Target
price at 1350 and beyond.
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