Gold is in a bearish trend since few years and made a bottom below 1100 level in 2016.
It was moving in a descending channel making lower high and lower low formation. After breaking the resistance of descending channel gold start its bullish move from 1201-03 towards 1377 level which is also the high price of last year.
The yellow metal fails to give more bearish move and trading in a range between 1201 to 1300 level in 2017.
The big moves and the market makers are waiting to break the barrier of 1300 level to jump in the longer term bullish move towards minimum 1445 area.This move may confirm after the break of 1300 level in a weekly time frame chart in gold.
Gold is forming a symmetric triangle in a weekly chart which is indicating a confusion between buyer and sellers. I am sharing the weekly chart below to give proper view how the metal is moving in a range and what is the main expectations using
Weekly Gold Price Chart
If we look at the Gold Price Predictions on the above chart. It seems gold is at a resistance level of the symmetric chart and possibly a reversal point which is also the watching area for selling to jump in.
Current gold price is around 1269-70 and we are expecting it may reverse back to towards the support level of trend and could bounce from the support for the longer term bullish target 1445-50 zone. The movement above 1300 level will give confidence to this longer term gold target.
However if gold fails to bounce from the support and break the phycological support level which is around 1180-88 level then it will be the indication of more bearish move towards 1050 level but the chances are low.
I am also sharing the gold alternative chart below.
Gold Alternate Price Chart