The downbeat US data made the US dollar slide more. The yellow metal took this advantage and moved to a two-month high, but was unable to cross the trend reversal level at $1,330.70 levels. In Asia's session the metal opened in a slight bullish trend, lower at $1,325.50 levels. We recommend to buy at cmp targets $1,331 for $1,334.60, $1,342.10 initially and later $1,360 levels. The metal has a neckline at $1,360 levels, if we get an upside breakout, we can see $1,600 in the short term, this view is valid until the metal holds the classic bottom at $1,180 levels.
1433.30-1180= 253.30
253.30+$1,360= $1,613
Intraday-
We recommend to buy at cmp for $1,330.60 and $1,334 levels. We can see some weakness below $1,325.
Buy with sl $1,325 for targets $1,330.60, $1,334 cmp $1,326.
