After the near vertical fall in April, gold had taken support near the long-term rising trendline. It consolidated there for several weeks, which took form of a triangular pattern. The pattern broke out on the downside and the price tumbled sharply. It achieved the equality target on the downside and the price has started moving higher. Buy on dips will be the strategy for gold with reversal below $1,225 on a closing basis.On the upside, the yellow metal is expected to move up till $1,394-$1,410.
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