InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Gold technical analysis for March 23, 2016 2016-03-23

    Despite an early breakout above the short-term resistance in Gold price, sellers pushed prices below support canceling the bullish scenario for a new high towards $1,300. As we said in our previous analysis, a rise from $1,045 can be completed. So we must focus on the bigger picture.

    analytics56f24a6141ef3.jpg

    Show full picture

    Gold has made a new lower low after a lower high yesterday. It has also broken below the Kumo (cloud) on the 4 hour chart. Price is now testing the lower channel boundary. The entire rise from $1,045 is most probably over, so we should expect to see a pull back towards $1,150-$1,190.

    analytics56f24aa7ae2f7.jpg

    Show full picture

    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