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Technical analysis of Gold for March 01, 2016 2016-03-01


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Technical outlook and chart setups:

Gold is consolidating in a cone formation, hitting resistance at $1,243.50 levels at the moment. The metal is expected to drop lower from here and break below $1,210.00 levels at least. Please note that a push below $1,210.00 levels would trigger further down side towards $1,190.00 and $1,170.00 levels respectively. Also note that strong support is seen at $1,167.00/68.00 levels, which is fibonacci 0.50% of its rally from $1,070.00 through $1,263.00 levels respectively. Hence it is recommended to remain short again now, with risk above $1,255.00 levels. Immediate support is seen at $1,210.00 levels while resistance is at $1,253.00 levels respectively.

Trading recommendations:

Remain short again, stop at $1,255.00, a target is $1,210.00 and lower.

Good luck!



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