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    Gold technical analysis for March 17, 2015

    Gold price continues to trade sideways in the short term and I believe a small triangle pattern is being formed. Support is at $1,147 and resistance at $1,166. Longer-term trend remains bearish with important support at $1,130-40.

    goldh4.jpg

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    Black lines= triangle pattern

    Gold price remains below the Ichimoku cloud and is trading sideways in a triangle pattern. This pattern gives a sell signal if $1,147 is broken and a buy signal if $1,165 is broken. If price breaks lower, I will go short. I will not go long if price breaks resistance at $1,165. I believe this move is likely to be a counter trend move as a part of a corrective bounce. I do not want to go against the longer-term trend, which is bearish.

    goldd.jpg

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    Blue line = support

    Orange lines= bearish channel

    An important support at $1,130 is expected to be tested. If it gets broken on a weekly basis, I expect Gold price to continue moving lower towards $900. The long-term trend remains bearish, as the price is below the Ichimoku cloud resistance and still inside the downward sloping channel.

    Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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