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Technical analysis of Gold for March 16, 2015

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Technical outlook and chart setups:

An hourly chart setup has been depicted here for a short time analysis. Gold is seen to be trading in a sideways cone consolidation since forming lows at the level of $1,147.00 last week. The metal needs to break out of a cone structure, to confirm and indicate the direction of next leg. It is recommended to hold long positions for now, with risk at $1,130.00 level. Immediate support is seen at the level of $1,145.00 followed by $1,130.00, while resistance is seen at $1,175.00 followed by $1,207.00 and higher respectively.

Trading recommendations:

Remain long, stop at $1,130.00, target is open.

Good luck!

Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015

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