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.
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Based on above studies, we will prefer to sell gold some downside targets around $1305 & then $1296. Only a day close above $1342 will neglect the scenario.
sir,
still gold below 1342$. 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?
@Sekhar : Still there no exit as per the above article. And still sell position maintained in international Gold as the Stoploss given is on EOD basis.
Gold reach to targets.
@sekhar Intraday move could be less reliable specially with thin volume so as we prefer day close for confirmation.
@Mantraa Commodity : You rocked again! Its a close call.
Thank you rajandran, future trading forecast is always been a close call. More gain, more risk