- Gold's sharp recovery from the low of $1320 supported by volumes at 4-day high on Thursday if followed by a move back above $1334 (upper end of the expanding channel) today would suggest the bearish momentum may have run of steam and could yield a recovery to $1348-1350 levels.
- Meanwhile, a failure to take out/sustain $1334 could result in choppy to sideways action. Short-term loss of bearish momentum is seen on account of a sharp retreat this week from near $1380 levels.
