[B]Xau/Usd : 05/03/2015
Our Preference: Buy positions Above 1198 with target of 1209 & 1218 in extension and stoploss below 1190.
Alternative Scenario: Nill
Technical Commentary: [/B]In Weekly chart and Daily chart ,Gold was in trading triangle pattern and its was tested lower trend line and the closing was on higher and yesterday also it was tested intraday key support line, so selling volume only below 1190 levels so keep stoploss below 1190 levels and have buy entries for long term : we have shown in above image.
In 4 hours chart, Gold was trading in Equidistant channel lines and its was trading in the triangle pattern now its was trading near lower trend line so we can buy near lower trend line with stoploss below 1190 level :- we have shown in above image.
In 1 hour chart, Gold was trading in between upper trend line and lower trend line and above key support level 1198, so we can buy near lower trend line :- we have shown in above image.