Gold is in downtrend again | 16-May-2013 Technical Report

Couple of weeks back, we witnessed steep fall in Gold prices because of Bank of Cyprus problems. After that Gold bounced back sharply. But from the last few sessions, it has again started moving downtrend.

Let’s see is technical chart and check out the reasons.

Gold price closed below $1456.26 on 9-May-2013 and also it was trading below Doda-Bollinger bands and Doda-Donchian. So, that was clear signal of its downtrend.

Without any major bounce back, it kept on going southward.

The near-by support level is @$1383.62 and then at $1347.82

But seems it will break all these support levels easily.

So, do not do take any trading call for the time being. Will watch the new chart in the beginning of next week and will take any call.