(23.03.2015)
{{8830|Gold}} moved higher as mention in our last article just around swiss gold referendum and posted a higher above $1300 mark. However it felt sharply and reached to the previous bottom around $1138.
Now gold showing recovery from previous bottom level and also broken from a shot term descending channel as shown in picture. However this breakout is not supported well in terms of volume and that force us to stay concern about this upside rally. The strength of this rally will be tested on $1205 once. On fundamental side a clear signal from FED to not raise the interest rate very soon and over bought conditions in dollar could support further. 
Based on above studies, gold probably will more higher towards $1205 in coming trading session and will test the strength on this mark.
MCX levels -> S2(25900) S1(26010) cmp(26150) R1(26330) R2(26510)
Disclaimer: Above technical analysis is not a buy/ sell recommendation.
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