Mecklai graph of the day: Will the Gold shine?

As shown in the graph below, the yellow metal is trading within the symmetrical triangle in the last 3-4 months. A breakout of this pattern i.e price band of $1660-$1686, would provide cues for further movement of the asset. With MACD showing a neutral bias, a firm break of $1660 on the downside would take the precious metal to the next immediate support of 100-weekly EMA at $1610. On the flip side, a breach of $1686 on the upside would open the move towards $1733 in the near term.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment