Iftikhar Shah
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Gold posted a gain of $9.53 on Friday to close at $1,267. An Engulfing Bull has occurred which indicates a bullish momentum shift, though requires a confirmation. Moreover, the RSI has improved and the MACD has generated a buy signal, supporting a positive view. A rise above Friday’s high ($1,272) will target the 200-DMA at $1,307, while any downside will be tested at $1,255 (14-DMA). We recommend investors to view any downside as an opportunity to ’Buy’, keeping stoploss below the 14-DMA. The support and resistance are at $1,258 and $1,273, respectively.