Weekly Chart
There is a good chance that Gold may have formed a bottom at 1179. Firstly, the 1179 low made six months ago has been held. Secondly, the up leg from 1179 to 1434 has been retraced in double the time indicating drying up of sellers.
Cross above 1280 which is where the 20 Ema resides along with the recent reaction high, would put the short term trend up.
Resistance would come in at 61.8% fibo level and 40 Ema at 1330, minor swing high at 1360 and finally at 1434.Crossing 1434 would confirm a double bottom at 1179 which could catapult Gold to 1700.
All this provided 1179 holds !
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Lakshmi Ramachandran
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