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    Gold technical analysis for March 30, 2015

    Gold price remains in a short-term bearish trend after the bearish reversal from $1,220. Gold price has broken short-term support and is heading towards $1,180-75, which might be the last chance for a bounce towards $1,250. If important weekly support at $1,130 gets broken, we should expect the price to move towards $1,000 or even $900.

    goldh4.jpg

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    Red line = support

    Gold price is above the Ichimoku cloud but has broken below the upward sloping red trend line support. The price is heading towards the Ichimoku cloud support at $1,180-75. If Gold price breaks below the Ichimoku cloud, we should expect $1,130 to be tested.

    goldd.jpg

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    Blue line = support

    Gold price remains in a bearish long-term trend in the weekly chart as shown above. The price was rejected by kijun-sen resistance and we also have a bearish sell signal be the cross of the kijun-sen and then tenkan-sen. The price is below the cloud and I believe we should expect a move towards the support line at $1,130 as long as we trade below $1,215. New lows over the coming weeks towards $1,000 will be expected once $1,130 is broken.

    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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