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 Pointing for Weakness Ahead?

39 sec read

Gold ( 08.04..2015) traded higher as per our last report & reached to $1205 mark. A gap up opening were on charts after long weekend with low volume pointing for a weak move.

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 frame gold still looking bearish & this move seems like 3 corrective move after completing the 5 wave downside elliott wave pattern. At the same time we observe the move above $1205 is associated with very thin volume & thus hinting that bulls still hesitating to stay in market.

 
On fundamental side , weak employment data from US started questioning on rate hike expectation but we must remember that last quarter data were majorly disturb by weather condition.

gold

Based on above studies, we prefer to stay on sell for possible levels around $1272 , followed by recent low at $1241.

Note – Above technical analysis is not a buy/sell recommendation. For recommendations Visit Mantra Commodity
MCX  levels ->    S2(26200)         S1(26610)        cmp(26900)       R1(27140)        R2(27460)
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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