Gold (26.02.2014) traded upside in 2014 & broken many minor resistance, heading towards some major resistance now.
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. At the same time we are unable witness any hurdle before $1361 which was Oct 2013 high. Our only concern will be the over bought signals on momentum indicator which may delay the upside move or lead to a correction earlier.
On fundamental side , continue weak economic data from major economics indicating for shifting of fund towards bullion as safe haven buying.
Based on above studies, we will prefer to buy gold for target $1353 & $1361 in coming trading session. A day close below $1321 will delay the forecast.
Trade with us CALL 088890 34986
See more at: mantracommodity.blog...in/2012/07/gold.html
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. At the same time we are unable witness any hurdle before $1361 which was Oct 2013 high. Our only concern will be the over bought signals on momentum indicator which may delay the upside move or lead to a correction earlier.
On fundamental side , continue weak economic data from major economics indicating for shifting of fund towards bullion as safe haven buying.
Based on above studies, we will prefer to buy gold for target $1353 & $1361 in coming trading session. A day close below $1321 will delay the forecast.
Trade with us CALL 088890 34986
See more at: mantracommodity.blog...in/2012/07/gold.html