Technical Analysis of Gold for March 29, 2016
Technical outlook and chart setups:
Gold is seen to be trading at $1,218.00 levels for now, looking to continue dropping lower towards $1,190.00 levels at least. It is still possible that the metal hits $1,227.00/28.00 levels before resuming its downtrend. Please note that $1,227.00 levels is also the fibonacci 0.382 resistance of the drop between $1,260.00 and $1,207.00 levels respectively. Prices have stalled just ahead of the resistance as depicted here. It is recommended to go short at 50% capacity at the current price and at the remaining 50% at $1,227.00 levels, if prices manage to reach there. Immediate resistance is seen at $1,227.00 levels while support is at $1,190.00 levels respectively.
Remain short 50% at the current levels, and the remaining at $1,227.00, stop at $1,245.00, target at $1,190.00.
The material has been provided by InstaForex Company - www.instaforex.com