Gold heading towards 1300? Set for a comeback!

Updated: Sep 13, 2019

The yellow metal has nicely completed a reverse XABCD or BAT pattern formation (starting March to early July). Recent price action reversal from 1200, could further be boosted in next few days. We may see Gold reaching 1260 soon heading towards 1300 later this year.

For near-term though, consider range bound movement between 1220 and 1260 levels. A long and hold trade at current level with profit target at 1260 (interim profit target of 1240 for shorter term horizon) sound about right. Stop loss limit at 1220 to avoid any downside risk.

Good luck making some bucks on this liquid hedge commodity that is set for a comeback!


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