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 – Will Weakness Continue?

35 sec read

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. However over sold indicators may delay the downside move & look for consolidation before falling further. Candlestick patten is negative with indicators. On fundamental side, FOMC continue on its path of reducing bond buying program keeping high pressure on gold prices, while economic data showing little improvement. xauusddaily Based on above studies, we will prefer to sell gold for more downside target around $1268 &  then $1261. Only a day close above $1307 will force us to reanalyze the charts.

 

MCX Gold Futures -(June Futures) resistance area : 28625 – 29000 MCX Gold Futures – (June Futures) support area : 28130 – 27950 – 27640

 

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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4 Replies to “Gold technical analysis – Will Weakness Continue?”

  1. Hello Mr. Rajandran R ,
    I am Trading in mcx crude and n.g !!
    Can you Please suggest me the best indicator for these two commodities in amibroker ….
    so that i earn profit in this market….
    i lost around 3 lacs in mcx from last 3 years….
    please help me sir….
    thanks in advance!

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