Gold technical outlook – Sideways movement continue from last 36 days.

gold

Gold (26.03.2013) respected our last analysis & almost reach to 1st target. However it fall sharply after that.

Now MCX gold is trading around 29480 ($1601) & as we can see on charts, gold reach to 29900 area almost & then fall back to support area but unable to break the support area.This proves the importance of support area mention in last 2 reports. Now as we can see gold continue trading above 61.8% feb correction level of last descending wave & probably looking for an upside break through from $1625-1631 area. If this will happen then our next projected target will be $1652. We also witness a long 30+ days consolidation move, which generally appear before a big move. Candlestick pattern is neutral with indicators.

Based on above studies, we will prefer to buy gold once again for possible target around 29900 ($1625) & then 30030 ($1631).

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