Mantraa Commodity Mantra commodity is an analyst group involved in technical analysis of all major commodities gold, silver, crude, copper, natural gas etc. Mantra commodity serving to clients from last 7 years & made a strong bond of trust with our dedication towards work.Our main functioning area is .Technical analysis on all major commodities available HERE. Or you can write us on mantracommodity@yahoo.com HaPpY TrAdInG.

Comex Gold Broken Major Resistance.

47 sec read

Gold(17.11.2014) moved higher in last week on profit booking as well as on challenging fundamental growth of major economy. However branching the strong resistance zone with volume could change long term scenario.

Now gold is trading around $1184 & we can see on charts, friday gold rally more than 3% & provided a closing above $1182-1172 resistance which where able to stop gold momentum many times. Technically after breaking $1180 mark gold made a low of $1131 while unable to close below $1138 mark which represent the 161.8% Fibonacci retracement level. This area was very close to the lower trendline of current descending channel too. An elliott wave bearish pattern completion also suggest for 3 corrective wave pattern ahead.

On fundamental side, upcoming swiss bank referendum on 30th nov could play major role for gold price. A voting result in favor of swiss referendum will force swiss banks to buy big quantity of gold which will never come back in market for liquidation.

gold

 
Based on above studies , there is a major probability that gold will provide a corrective move towards support zone & then move upside for possible targets around $1207 & then $1225 atleast. A day close below $1172 will delay the forecast.

Note – Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us

MCX  levels ->    S2(26160)         S1(26300)        cmp(26425)       R1(26650)        R2(27000)

Mantraa Commodity Mantra commodity is an analyst group involved in technical analysis of all major commodities gold, silver, crude, copper, natural gas etc. Mantra commodity serving to clients from last 7 years & made a strong bond of trust with our dedication towards work.Our main functioning area is .Technical analysis on all major commodities available HERE. Or you can write us on mantracommodity@yahoo.com HaPpY TrAdInG.

Silver Momentum Pullback Trade Setup

After a significant momentum in Silver 11.77 to 29.85 silver started correcting in the month of Sep 2020 towards 21.66. Last week silver plunged...
Rajandran R
22 sec read

Is the Oil nearing the Bottom?

I woke up in the morning just to see the headlines "Oil Drops to 21-Year Low With Storage Filling as Demand Shrivels". Ever-since ...
Rajandran R
53 sec read

Gold-Oil Ratio at the Historical High

Now with One ounce of Gold one can buy 83 barrels of Crude Oil. Gold-Oil Ratio is at the historical peak as the FED...
Rajandran R
37 sec read

One Reply to “Comex Gold Broken Major Resistance.”

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More