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 – Unable to sustain on higher levels.

28 sec read

Gold (27.09.2013) traded with high volatility as a result of conflicts between fundamental & technical.

Now gold is trading around $1324 & as we can see on chart, it has given up all the upside move which came after the FOMC meeting result. However technical it was not a correct move. As we can see gold is not broken the lower trendline of the minor ascending channel started after FOMC & this suggest for a downside move to continue. The upside move was also limited by 61.8% feb correction level & gold was unable to provide any day close above this area. Candlestick pattern is negative with indicators.

gold

 
Based on above studies, we will prefer to sell gold some downside targets around $1305 & then $1296. Only a day close above $1342 will neglect the scenario.

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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5 Replies to “Gold technical outlook – Unable to sustain on higher…”

  1. sir,
    still gold below 1342$. yesterday it touched 1345$ levels, but couldn’t sustain above that level. so how can we trade it in coming sessions? any important resistance or support levels?

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