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    Technical analysis of Gold for March 04, 2016 2016-03-04

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    Technical outlook and chart setups:

    Gold has managed to hit highs at $1,268.38 levels for now but it is just a test of previous highs at $1,263.00/64.00 levels as of now. The metal has produced a pin bar candlestick pattern on the 4H chart view, indicating a potential drop, going forward. The metal still remains in a corrective wave 4 which has exceeded previous highs as a test. Bears are expected to take back control from here and drop prices to at least $1,190.00 levels before giving in to bulls. It is hence recommended to remain short (small positions), with risk above $1,268.00 levels. Immediate resistance is seen at $1,268.00 levels, while support is at $1,237.00 levels respectively.

    Trading recommendations:

    Remain short now, stop above $1,268.00, a target is $1,190.00.

    Good luck!

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