InstaForex - Analytics


    699.25 6.25/10
    61% of positive reviews

    Technical analysis of Gold for March 24, 2016 2016-03-24

    Show full picture

    Technical outlook and chart setups:

    Gold has dropped lower as discussed and expected, and is trading at $1,218.00 levels at the moment. The yellow metal may produce intraday rallies but those should remain well capped below $1,230.00/35.00 levels. Please note that $1,230.00/35.00 is also the past support turned resistance now, as shown here. Also note that the yellow metal is now well positioned to drop lower towards $1,190.00 levels at least as shown as red lines on the chart view here. It is hence recommended to remain short for now, and bring down risk to $1,245.00 levels. Immediate resistance is now around $1,235.00 levels, while support is at $1,190.00 levels respectively.

    Trading recommendations:

    Remain short for now, stop at $1,245.00, 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