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.

Technical Outlook – Does Gold Retesting & Reversing?

46 sec read

Gold (29.4.2014) traded lower once again & reach to $1268 mark, however some fundamental issues made it little more volatile on charts.

Now gold is trading below $1300 once again & as we can see on charts, gold kissed the broken trend line which was unable to hold prices up for the 3rd time in mid April. The upside reversal we witness in gold in last 2 times is making a pattern of lower high, lower lows which indicate further weakness ahead. At the same a black cloud cover candle just below the broken trade line hinting for another downside move. Although the last 2 downside move was little away from the full target around $1262, indicators still trading in negative mode.

On fundamental side the tong war between US & RUSSIA has come to a pause with monday US sanction which was seems to be very less effective compare to market expectation. Meanwhile FOMC meeting in coming 2 days will divert the traders concentration towards long term goal rather an small one.

gold

 
Based on above studies, we will prefer to sell gold for some possible target around $1262 & then may be more. Only a day close above $1312 will reject the forecast.

MCX june resistance area : 28910 – 29070
MCX june support area : 28580 – 28300

Visit here For Live MCX Gold 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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