Technical Analysis of Gold for March 23, 2016

Technical Analysis of Gold for March 23, 2016

23 March 2016, 08:14
Roberto Jacobs
0
41

Technical Analysis of Gold for March 23, 2016

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.

xauusd23032016


Trading recommendations:

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

Good luck!


The material has been provided by InstaForex Company - www.instaforex.com

Share it with friends: