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.

Gold face major hurdles ahead – Technical Outlook

26 sec read

Gold (08.10.2013) traded lower as per last report dated 27.09.2013. However we witness a sharp bounce from $1280 area.

Now gold is trading around $1326 & as we can see on charts, gold is reaching to the topline of current descending channel. This area also in combination of 50% feb correction level & a parallel minor resistance. However a positive candlestick pattern suggest for more upside but the ongoing long term scenario & continue weakness on indicators suggest for a possible downside move again. On the fundamental side, any positive tone on ‘obamacare’ from US will generate panic selling in gold.

gold

 
Based on above studies, we will prefer to sell gold for downside targets around $1304 & then $1280. Only a day close above $1337 will neglect the forecast.

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.

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