A few days back I had given my understanding of Gold futures here.

On looking back, I realize that I was hasty in drawing conclusion that a seeming support at  trend channel’s lower line will lead to bounce back to 1000 levels.  One of the major reason against it was the continuous decline for 7 days before the bounce day finally happened.  Needless to say, I stand corrected and wiser.

Below is the chart as of Fri.  The picture has become interesting now:

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Copper Futures are showing some kind of bottoming out and consolidation recently.  It has reacted after crossing the Feb high.  Also, it has made higher high/ higher low pattern starting from month of Jan.  These highs and lows are inside a channel and it could be a low risk buy near the channel bottom.

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Gold has bounced from lower channel line. Given the wide ranged bar, it should attempt to test the zone around 1000 again.

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