Technical Outlook & Trading Strategy:-
The prices of Gold have been on a relentless upmove since the past several weeks of trade. After the pullback witnessed over the previous few sessions of trade the prices of gold bounced back strongly from lower levels.
A sustained breakout above the Rs 26290 levels will infuse fresh upside momentum in the prices of gold and could take it its recent highs of Rs 26457 or even to a new life time high.
The momentum indicators continue to trade in bullish mode and don’t depict any weakness.
We recommend traders to buy on a break above Rs 26290 levels with a stop loss placed below Rs 26177 levels for upside targets of Rs 26450 / Rs 26575 / Rs 26650 levels, expected to be achieved over the upcoming 2-3 sessions of trade.
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