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.
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.
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