GOLD (US) Technical Analysis Chart Trend Forecast Trading signals Graph Tips Strategies Recommendations- Gold is on bear run after breaking its important support zone, currently moving in a down channel pattern, close watch will find strong support around 1240. (Updated on 11th September 2014, Thursday).

US GOLD

• As per previous report published, US GOLD failed to break its resistance @ 1323, and we have witnessed sharp bear rally and Gold so far made a low around 1245. (Click here to see previous report published on US GOLD).
• Now as chart analysis, Gold had made a bearish breakout after breaking its head and shoulders neckline , as shown in chart no1. So far bears have a grip.
• As per graph no2, Gold had formed triangle formation in daily chart, that too got broken and now in sharp fall.
• Also see - MCX NICKEL stuck in a range , trend will remain zig zag till it comes out.
• As per chart no3, Gold is falling in a perfect down channel, so as long as gold moving in channel formation it will be favored by bears , Gold must come out from its down pattern to show some strength , chart also indicates Gold will find strong trend line support around 1240, bull have last chance to bounce back from current levels, if failed to take this support @ 1240, and closed and stays below 1240 then further weakness is expecting for next few trading days.
• Suggested Reading - Investing in penny stocks.
• Intraday Tips - Close watch if gold starts trading below 1240, if holds below with volumes then intraday weakness is expecting.
• Click here to see all the forecast (trading strategy) published by us on US GOLD.
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