mantracommodity

Gold pointing for weakness ahead.

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
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Gold ( 08.04..2015) traded higher as per our last report & reached to $1205 mark. A gap up opening were on charts after long weekend with low volume pointing for a weak move.

Now gold is trading around $1211 & as we can see on charts gold following a upward trade line & reaching to the major resistance zone from $1224-1245. while looking at the big time frame gold still looking bearish & this move seems like 3 corrective move after completing the 5 wave downside elliott wave pattern. At the same time we observe the move above $1205 is associated with very thin volume & thus hinting that bulls still hesitating to stay in market.
On fundamental side , weak employment data from US started questioning on rate hike expectation but we must remember that last quarter data were majorly disturb by weather condition.

Based on above studies, we prefer to stay on sell for possible levels around $1272 , followed by recent low at $1241.

Note - Above technical analysis is not a buy/ sell recommendation. For recommendations Contact Us call Us : 088890 34986

MCX levels -> S2(26200) S1(26610) cmp (26900) R1(27140) R2(27460)

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