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    Gold technical analysis for March 16, 2015

    Gold price is trying hard to bounce, but buyers are not strong enough to push the price above $1,166 yet. However, as long as the price is above the support of $1,140-$1,130, bulls will still have good chances of another bounce towards $1,180-$1,200. My longer-term view remains bearish with a target between $1,000 and $900 as long as we break below $1,130.

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    Black line = upward sloping channelGold price remains below the Ichimoku cloud on the 4-hour chart as shown above. The price is sliding higher in the short-term upward sloping channel. Resistance is at $1,166-75. Support is at $1,147-30. The short-term trend is neutral and, I believe, this upward bounce is a part of a counter-trend correction. The longer-term trend remains bearish.

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    Orange lines = weekly bearish channelBlue line = supportThe blue line support at the 2014 lows of $1,130 is a very important support. A weekly close below that level will be a very bearish signal that will give me $1,000 or even $900 as target. The weekly trend remains bearish as the price remains below $1,220-30.

    Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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