Now gold is trading around $1271 mark & as we can see on charts, gold retested the upper tradeline of minor descending channel & placing a bearish candlestick pattern once again which suggest for the long term bearish move to continue in coming weeks. However there is minor possibility of retesting the the broken tradline around $1310.
Gold (28.3.2014) traded higher as per previous report & extended target area. However it reverse quickly from an unexpected level later on. Now gold is trading around $1296 & as we can see on charts, gold has broken the support trade line started from $1180 mark in 2013. This breakout came in combination of 2 parallel breakout as well as provide more continuity opportunity with trading below 38.2% feb correction area.
Now gold is trading around $1343 & as we can see on charts, gold was able to provide a day close above 61.8% feb correction level of last long descending move from $1433 to $1182.
Now gold is trading around $1245 & as we can see on chart it is reaching to the minor parallel resistance area at $1254. we have witness a major bull bear fight in this $1217 – $1254 range earlier & it may be more interesting this time. However the upside move was well supported by an triangle breakout as shown in chart. At the same time RSI above 50 mark showing positivity.
Due to the holiday season in US and Europe the volatility in stock, commodities and forex had came down drastically and it is expected to continue till the New Year Eve.This year is the first year since 1997 that gold will finish with a double-digit drop.
For several years now, the world of trade and commerce has regarded gold as an inflation hedge. The mindset was that gold ideally serves as a great diversifying element for one’s portfolio, and at the same provide leeway for a struggling economy.
Lets come to fundamental side before, we witness a blast in gold price after 2008 recession & gold price almost double in just 3 year span while in last 2 year gold also corrected more than 50% from the life time high. This is the biggest correction in past 12 years in gold & may remain always. Gold rallied from 2008 on basis of safe haven buying , alternate & safe investment , later on the based on QE program from US & many .
GOLD COMEX has stiff resistance @1355-1360$ levels. Markets Looks to be in Favor of Bulls and it Seems that Gold will breach its Immediate resistance Levels. Next Minor Resistance Level that GOLD COMEX faces is @1370 and a Next Major Resistance is @1400$ which would also act as an psychological Level for GOLD. Alternatively if Unable to cross Resistance of 1355$ you may see Sell off below 1330$-1325$ and it can Head towards 1300$ mark.
Now gold is trading around $1335 & as we can see on charts, the resistance zone converted into support may push prices upward in coming trading session. Yesterday prices close above resistance area $1320-1330 with volume as well as marked a bullish candlestick pattern on charts. meanwhile RSI is now trading above 50 which signal for an upside move in coming trading sess
Now gold is trading around $1320 & as we can see on charts gold bounced from $1250 area , however this area was not a very good support. Anyway the bounce was good enough to eat all SL made above $1300 mark & it moved to $1327. This area from $1320-1330 represent a lot of major resistance, ( 1) 38.2% feb correction level of last long descending wave.
Now gold is trading around $1326 & as we can see on charts, gold is reaching to the topline of current descending channel. This area also in combination of 50% feb correction level & a parallel minor resistance.
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.