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