InstaForex - Analytics

    InstaForex

    699.25 6.25/10
    62% of positive reviews
    Real

    Technical analysis of Gold for March 23, 2016 2016-03-23


    Show full picture

    Technical outlook and chart setups:

    Gold has dropped lower after hitting resistance at $1,260.00 levels yesterday, a tad bit higher than expected but the direction has been lower since then. The metal is seen to be trading at $1,235.00/36.00 levels for now, looking to drop below $1,220.00 levels going forward. Please note that the metal is on track towards $1,190.00 levels at least before producing a meaningful retracement. Furthermore, potential still remains towards $1,140.00 levels (which is the fibonacci 0.618 support of the entire rally from $1,056.00 through $1,283.00 levels) as well. It is recommended to remain short for now, with risk at $1,265.00 levels. Immediate resistance is at $1,260.00 levels, while support is at $1,220.00 levels.

    Trading recommendations:

    Remain short for now, stop at $1,265.00, target $1,190.00.

    Good luck!


    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