Gold (28.3.2014) traded higher as per previous report & extended target area. However it reverse quickly from an unexpected level later on. Now gold is trading around $1296 & as we can see on charts, gold has broken the support trade line started from $1180 mark in 2013. This breakout came in combination of 2 parallel breakout as well as provide more continuity opportunity with trading below 38.2% feb correction area.
Now natural gas is trading around $4.460 & as we can see on charts the continue trading above $4.418 is indicating that the rally isn’t complete & we may witness further bullishness on coming trading session. However we also witness a possibility of negative divergence on RSI but it still has space for upside. Consolidation before the contract expiry providing more opportunity for buyers.
Now gold is trading around $1335 & as we can see on charts, the resistance zone converted into support may push prices upward in coming trading session. Yesterday prices close above resistance area $1320-1330 with volume as well as marked a bullish candlestick pattern on charts. meanwhile RSI is now trading above 50 which signal for an upside move in coming trading sess
Now gold is trading around $1320 & as we can see on charts gold bounced from $1250 area , however this area was not a very good support. Anyway the bounce was good enough to eat all SL made above $1300 mark & it moved to $1327. This area from $1320-1330 represent a lot of major resistance, ( 1) 38.2% feb correction level of last long descending wave.