mantracommodity
Short

Gold retesting & reversing.

FX:XAUUSD   Gold / U.S. Dollar
Gold             (29.4.2014) traded lower once again & reach to $1268 mark, however some fundamental issues made it little more volatile on charts.
Now gold             is trading below $1300 once again & as we can see on charts, gold             kissed the broken trade line which was unable to hold prices up 3rd time in mid april             . The upside reversal we witness in gold             in last 2 times is making a pattern of lower high, lower lows which indicate for further weakness ahead. At the same a black cloud cover candle just below the broken trade line hinting for another downside move. Although the last 2 downside move was little away from the full target around $1262, indicators still trading in negative mode.

On fundamental side the tong war between US & RUSSIA has come to a pause with monday US sanction which was seems to be very less effective compare to market expectation. Meanwhile FOMC meeting in coming 2 days will divert the traders concentration towards long term goal rather an small one.

Based on above studies, we will prefer to sell gold             for some possible target around $1262 & then may be more. Only a day close above $1312 will reject the forecast.

MCX             june resistance area : 28910 - 29070
MCX             june support area : 28580 - 28300
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