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


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).

Related Readings and Observations

  • Gold turns to buy mode on 4 hourly chart Greece and Italy – the two EU economies at the centre of the current debt default and contagion crisis – are in the process of forming new governments, which has defused some of the […]
  • MCX Gold in Sell Mode on SDA2 Hourly charts MCX Gold rallied to its record high Rs 23940 per 10 gram , as growing fears about gloomy outlook of US economy and increasing spread of the European debt crisis. On the technical aspects […]
  • Gold Monetization Scheme Explained After much waiting and anticipation, finance ministry has recently released a discussion paper, which is mainly proposed on the available gold monetization scheme. Moreover, finance […]
  • Gold Pointing for Weakness Ahead? Now gold is trading around $1211 & as we can see on charts gold following a upward trade line & reaching to the major resistance zone from $1224-1245. While looking at the big time […]

Leave a Reply

Your email address will not be published. Required fields are marked *