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    Gold technical analysis for March 19, 2015

    Gold price spiked higher yesterday due to the comments regarding the Fed;s policy. Support at $1,130-43 was held and the following bounce pushed the price above short-term resistance at $1,166 but not above the important resistance level of $1,185.

    gold.jpg

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    Black line = trendline resistance

    After the FOMC announcement, gold price reached the black trendline resistance and was rejected. As previously, it failed to break resistance remained below the trend line inside the cloud resistance area. Trend remains bearish. This is an opportunity to go short gold again with the trend line and the Ichimoku cloud as the stop level protects us.

    goldh1.jpg

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    Green line = support

    Black line = resistance

    Gold price is already pulling back after the rejection at the resistance trend line. The level of $1,145 is important support. In case of breakout, we should push lower towards $1,130 or even lower. Trend remains bearish as long as price is below the trendline resistance.

    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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