Gold Daily Technical Chart | 12-July-2012

Below is the technical chart of Gold, using Doda-Donchain and Doda-Bollinger Bands on Daily time frame.

From the last many trading sessions, Gold is trying to go down, but it always gets support at Doda-Bollinger Bands line. Moving in a range-bound price.

On the downside, 1564.84 is the major support of Gold. If it breaks it on daily closing basis, it will give good correction. Take short calls then.

On the upside, take your long positions ONLY if it closes above 1599.22.

At this stage, wait and watch is the best policy as it is trading in a range-bound between these two levels.