GOLD Technical Analysis 2015, 22.03 - 29.03: Market Rally Started

GOLD Technical Analysis 2015, 22.03 - 29.03: Market Rally Started

23 March 2015, 12:11
Sergey Golubev
13
632
D1 price is on primary bearish with market rally started on open D1 bar:
  • The price is located below Ichimoku cloud/kumo and below Senkou Span A line which is indicating the bearish market condition
  • Chinkou Span line is located to be near the price to be crossed on from below to above for good future possible breakout
  • Nearest support levels are 1142.69 (D1)
  • Nearest resistance levels are 1177.81 (D1)

W1 price is on bearish with market rally started on open W1 bar; Chinkou Span line of Ichimoku indicator came to be very close to the price for possible breakout of the price movement (good to open buy trade in the future)

MN price is on bearish ranging market condition

If D1 price will break 1142.69 support level on close D1 bar so the primary bearish will be continuing (good to open sell trade)
If D1 price will break 1177.81 resistance level so we will have the secondary market rally within the primary bearish with the possibility of the reversal of the price movement from bearish to bullish condition
If not so it will be bearish ranging between 1142.69 and 1177.81 levels

  • Recommendation for long: watch D1 price to break 1177.81 on close D1 bar for possible buy trade
  • Recommendation to go short: watch D1 price to break 1142.69 support level for possible sell trade
  • Trading Summary: bearish

UPCOMING EVENTS (high/medium impacted news events which may be affected on XAUUSD price movement for this coming week)

2015-03-23 14:00 GMT (or 16:00 MQ MT5 time) | [EUR - ECB President Draghi Speech]

2015-03-23 14:00 GMT (or 16:00 MQ MT5 time) | [USD - Existing Home Sales]

2015-03-23 15:45 GMT (or 17:45 MQ MT5 time) | [USD - FOMC Member Fischer Speech]

2015-03-24 01:45 GMT (or 03:45 MQ MT5 time) | [CNY - HSBC Manufacturing PMI]

2015-03-24 09:00 GMT (or 11:00 MQ MT5 time) | [EUR - Manufacturing PMI]

2015-03-24 12:30 GMT (or 14:30 MQ MT5 time) | [USD - CPI]

2015-03-24 14:00 GMT (or 16:00 MQ MT5 time) | [USD - New Home Sales]

2015-03-25 12:30 GMT (or 14:30 MQ MT5 time) | [USD - Durable Goods Orders]

2015-03-27 12:30 GMT (or 14:30 MQ MT5 time) | [USD - GDP]

2015-03-27 19:45 GMT (or 21:45 MQ MT5 time) | [USD - Fed Chair Yellen Speech]

Please note : some US (and CNY) high/medium impacted news events (incl speeches) are also affected on XAUUSD price movement

Resistance
Support
1177.81 (D1)
1147.39 (W1)
1306.82 (W1)
1142.69 (D1)
1345.34 (MN)
1131.75 (MN)




SUMMARY : bearish
TREND : market rally
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