InstaForex - Analytics


    739.75 6.25/10
    62% of positive reviews

    Gold technical analysis for March 7, 2016 2016-03-07

    Volatility was high in the Gold market on Friday as price made a strong reversal from $1,275 to $1,250 and back up again to new highs towards $1,280. The trend remains bullish and will be in danger only if the metal breaks below Fridays low.


    Show full picture

    Gold price is inside an upward sloping blue channel and also above the Kumo (cloud). The Friday lows marks the lower boundary of the bullish channel and is now important support. Resistance is at $1,265-68. Gold is expected to move higher towards $1,300-$1,350.


    Show full picture

    Blue lines - downward sloping wedge

    Price has broken above the downward sloping wedge and above the weekly Kumo (cloud). Price is approaching the important resistance of 38% Fibonacci retracement at $1,330. Oscillators have turned overbought on a weekly basis and this justifies a pullback even towards $1,100. Bulls need to be very cautious.

    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