Gold is making a steady upmove after taking a huge support at 1500 levels. Now we have a tiny upper trendline which has to be broken to make further upmove. Since we should be ready for a big move anyday. Since the volume dry during year-end, we may have to be little patient.
On a weekly chart we had a pretty good close last week.
On a monthly chart gold made a bearish engulf as marked by No 1. Then the bulls came back strongly and made an Inside bullish bar very next month marked as no 2. Now the price is trading well above the close of that IB indicating overall bullishness. 1750 remains the high of that IB and one can go long above that keeping the low of IB (Bar No 2) as stoploss.
4xraghav 