empty
 
 
28.03.2016 08:33 AM
Technical analysis of Gold for March 28, 2016

This image is no longer relevant

Technical outlook and chart setups:

Gold continues its drop lower as expected earlier and hits yet another low today around $1,207.00 levels before pulling back. The metal is seen to be trading at $1,215.00 levels for now, looking to consolidate before dropping to $1,190.00 levels. According to the structure presented here, the metal could rally towards $1,227.00 levels from here, before reversing lower. Please note that $1,227.00/28.00 is also the fibonacci 0.382 resistance of the recent drop from $1,260.00 to $1,207.00 levels respectively. It is recommended to hold short positions and look to add further with risk at $1,245.00 levels. Immediate resistance is at $1,230.00 levels while support is seen at $1,190.00 levels respectively.

Trading recommendations:

Remain short, move stop to $1,245.00 levels, target is $1,190.00.

Good luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback