Gold - Prices moving towards trend line resistance :: Edelweiss

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• Comex gold, has broken above the inverted H&S Pattern, indicating reversal. Price is also making higher highs and higher lows on daily chart, supporting dow theory law for an uptrend. For the day, $1280 is a strong support for the price. Buying on dips is advisable for the target of 1320, placing stop below 1272.
• MCX gold, has broken above neckline of inverted H&S patter, suggesting reversal. Also, price has convincingly closed above its 200dma suggesting near term uptrend in the price. The 14- period RSI, is also trading above 50 mark indicating bullish momentum for the price. We recommend traders to go long only above 27800 with the stop below 27300, for the target of 28700 in the short term.
• MCX Silver, on the daily chart as seen after a long consolidation around 20 dma has broken the range on the upside. This suggests than 39000 is likely to lend a strong support to price in the short term. Currently price has tested the same and has pullback towards 39350 level. If prices manages to hold above 38200 in the short term and break above 39500, we could see further upside towards 41500 in the near term. Buying is advisable with stop below 38200.
• MCX Natural Gas as shown on the weekly chart has taken support at the lower band of the channel at 183 level. Also, a double bottom formation can be seen on the daily chart suggesting reversal. The 14-period RSI is also showing positive divergence indicating bullish momentum for the price. Thus we reiterate buy MCX Natural Gas for the target of 200, placing stop below 173.5 in the short term.
• MCX Copper, as shown on the daily chart above witnessed sharp sell off after resisting at 405 and breaking below triangle pattern. Also, on the downside price has broken previous swing low at 366, indicating downtrend. Traders can initiate shorts on MCX copper keeping stop loss above Rs. 357.2 for the target of 333 in the short term.  

LINK
https://www.edelweiss.in/research/COMEX-Gold--Prices-moving-towards-trend-line-resistance/10005481.html