InstaForex - Analytics


    700.25 6.25/10
    62% of positive reviews

    Technical analysis of Gold for March 17, 2015

    Show full picture

    Technical outlook and chart setups:

    Gold has been moving sideways in an ideal cone formation as depicted on the hourly chart view here. The metal dipped lower towards $1,150.00/51.00 again after hitting a high of $1,164.00 yesterday. It has found consolidation trend line support and bounced back, trading around $1,153.00/55.00 levels at the moment. Bulls seem to have taken control back and are poised to push the metal higher towards at least $1,160.00 again. A break higher above $1,164.00 would be extremely bullish for the yellow metal and confirms that an intermediary bottom is in place at the $1,147.00 level. It is hence recommended to remain long with risk at the level of $1,130.00. Immediate support is seen at $1,147.00 (interim), followed by $1,130.00, while resistance is seen at the $1,166.00/70.00 level respectively.

    Trading recommendations:

    Remain long, stop at $1,147.00, target is open.

    Good luck!

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree