GOLD attained a high of 16,040 on Feb, 20 and since than it was trading in descending channel which was a bullish correction as had been indicated in the last week, In the past two days, gold has broken out of this descending channel and is headed higher towards the next resistance of 15,875 and 16,360. With gold breaking out of the bullish "Flag" formation, gold is headed higher. Gold has made a lower minor bottom during the formation of the descending flag and the stops for the long positions are far away and are at 14,640. Traders must wait for gold to form a higher minor bottom before taking fresh long positions as this will bring the stop closer.
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