mantracommodity
Short

Gold bearish move

FX:XAUUSD   Gold/U.S. Dollar
Gold             (27.05.2015) traded lower & reach to $1172 as per our last article published. However the low was followed by quite recovery but fail to cross the $1244 level as mention earlier also.

Now gold             is trading around $1187 mark & we can see on chart after reaching to $1232 area rally stopped & it took only 2 powerful trading session to bring it back below $1200 mark. These two sessions dated 19.5.2015 & 26.05.2015 were associated with high volume too. Meanwhile the sideways move in gold             from last 4 weeks probably coming to an end now with a downside breakout once again. We need to observe $1171 area careful which may open a new downside leg for coming trading session. At the same time RSI started traveling below 50 mark which suggest that bears are still in play.

On fundamental side, in last few weeks some negative economic data were unable to provide boost to gold             prices while rising dollar prices keeping the pressure on prices.

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
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MCX             levels -> S2(26340) S1(26720) cmp(26880) R1(27040) R2(27250)
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