Update on the GOLD chart:

Update on the GOLD chart: Click chart for enlarged view.

The rising wedge pattern has been negated and as written earlier we had a big move in gold prices on the upside, Now the channel comes into play giving us tgts close to 1700$ on the upside while the breakout point of the previous swing high which is 1265$ remains a potential support on Gold.

The RSI is in the over bought zone but can remain in that zone for a few weeks, as i have marked on the chart with an arrow line, it has happened earlier, so it can happen again that way.

Ultimately Gold prices remain in a secular bull market of its own, but i see major speculation on gold as we INDIANS celebrate the diwali festival and there is lot of buying in GOLD at that time, as it is seen, buying GOLD on diwali is auspicious and good., so prices may soar ahead further.