mantracommodity
Long

Gold counting for bull run.

FX:XAUUSD   Gold/U.S. Dollar
Gold (27.07.2015) given free fall as we mention in our previous two articles published from april 2015. The downtrend is very strong still we may find some corrective bounce from current levels as indicators are highly oversold.

Now as we can see on charts, gold             is trading around $1092 area after printing a fresh low at $1172 last week. In area around $1050-1070 there are number of support available for gold             which may force for a corrective bounce before falling more. At the same time we witness a bullish candlestick pattern on last week closing with some extra volume . Oversold indicators too need some relaxation here.

On fundamental side, upcoming FOMC meeting will provide more clear direction for time being. A little delay in interest rate rise can spark shot term bullion rally.

Based on above studies, apart from strong bearish trend we could witness a corrective rally towards $1124-1133 area before showing more weakness.

Note - Above technical analysis is not a buy/ sell recommendation. For recommendations Contact Us call Us : 088890 34986 or visit www.mantracommodity.blogspot.in

MCX             levels -> S2(24450) S1(24660) cmp(24780) R1(25210) R2(25450)

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