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 natural gas is trading around $4.460 & as we can see on charts the continue trading above $4.418 is indicating that the rally isn’t complete & we may witness further bullishness on coming trading session. However we also witness a possibility of negative divergence on RSI but it still has space for upside. Consolidation before the contract expiry providing more opportunity for buyers.
MCX Gold faced correction last week and due to US strong Employment Data Precious Metals in COMEX face a sell off and GOLD COMEX broke important Support @1300-1295$ and Close below it. Hence this week we may see down trend continuing.
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 mcx crude is trading around 5040 ($92.90) & as we can see on charts crude is facing a minor resistance around $93 which also represent the 38.2% feb correction level if last descending wave
Now natural gas is trading around 192 ($3.478) & as we can see on charts ng is facing resistance around multiple resistance area. This area also represent the 50% feb correction level of last ascedning wave & we have already seen a reversal few weeks ago.