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 Technical Analysis – Reversal or Corrective Bounce.

39 sec read

Gold (24.9.2014) fall sharply in last couple of weeks & reaching very close to the major support zone.
Now gold is trading around $1221 & as we can see on charts , gold proving some upside momentum from last 2 days with some very obvious reasons. The downside rally in gold filled a gap on charts which was created on 1st week of January 2014. At the same time this area also representing 261.8%% Fibonacci retracement. A long term support trendline is staying very close around $1196 mark & indicator are over sold now. The current formation of candlestick pattern suggesting for a possible bounce or a corrective rally as of now. Now very sure about the bottom is created or not.
On fundamental side , US counter on global issue & some weaker economic data might support price in coming trading session.
XAUUSDDaily
Based on above studies , it is possible for gold to move upwards towards possible targets around $1240 & then $1258 in coming trading session.
Note – Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us 

 

MCX  levels ->    S2(26290)         S1(26445)        cmp(26620)       R1(26870)        R2(27280)
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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