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. 
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
Related Readings and Observations
Will Gold Continue to Rally in 2014? Now gold is trading around $1343 & as we can see on charts, gold was able to provide a day close above 61.8% feb correction level of last long descending move from $1433 to $1182.- Gold – Bull Vs Bear Battle on peak? who will win? Now gold is trading around $1320 & as we can see on charts gold bounced from $1250 area , however this area was not a very good support. Anyway the bounce was good enough to eat all SL […]
- Gold Trading Outlook : On the Verge of Breakout Gold price action remains muted despite the stock market crashing, global events like trade war, syrian attack. Its been trading in a very compressed range 1300-1350 range since the start […]
- Gold Medium Term Outlook – Trading Sentiment turns Bullish Since last two years Gold is currently trading in a very broader range 200 point range (1150-1350 on weekly timeframe). Trading sentiment for this week turned to positive which indicates […]
- Gold Inching Higher towards 1295-1300 Resistance Band – Medium Term Outlook Gold had done a short term trend reversal from the recent swing low of 1251. Trading Sentiment holds positive on both daily and weekly timeframe. Current surge towards 1280 reference […]
- How to Get a Firm Handle on Gold’s Ups and Downs In the closing days of November, the Daily Sentiment Index registered a ten-day average of just 9.1% gold bulls. That was only the third time in the sentiment gauge's 30-year history that […]
SL hits in gold
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!
yup not a good month for us. Highly volatile due to fundamental issue like russia , playing all time :((
final reach to tgt area but of no use for mcx trader due to INR & price manipulation on mcx.