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 outlook – Downside move may continue

28 sec read

Gold ( 17.09.2013) traded lower in past few weeks & take off 2 major supports as shown in charts.

Now gold is trading around $1320 area & as we can see on the charts, after taking off the 2 major supports gold trying to gain some ground around $1300 which could react as a minor support. At the same time the candlestick pattern not reflecting any reversal signal & the reversal from the lower trend line of recent ascending channel also indicate for more downside move. However over sold indicators may delay the scenario.On fundamental side FOMC could play a bigger role this week.

gold

 
Based on above studies, we will prefer to sell gold for some possible downside targets around $1280 while a day close above $1342 will force us to reanalyze the charts.

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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