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    Technical analysis of Gold for March 11, 2016 2016-03-11


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    Technical outlook and chart setups:

    Gold has managed to push higher and test recent highs of $1,279.00 before pulling lower again. The metal had push through the levels of $1,283.50 earlier, but dropped lower towards $1,277.00/78.00. As depicted here, the structure reveals that the yellow metal might have completed a diagonal into wave 5, and should be topping out soon. If this scenario holds true, prices should not exceed $1,283.00 instead of a continuing drop lower from here. As an alternative, the yellow metal still could push higher one more time towards $1,310.00 before reversing lower. For now, it is recommended to remain flat and wait for further confirmation before committing a short position. Immediate resistance is seen at $1,307.00, while support is at $1,236.50.

    Trading recommendations:

    Remain flat now. An aggressive setup would be to remain short with risk above $1,284.00.

    Good luck!


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