Gold broke below $1,320, implications are bearish in the near term. The rising channel is breaking its best to consider the up move is over for now. Wave 5 is over, we are in a larger a-b-c correction. Where c=a targets the 61.8% retracement zone near $1,270-$1,265. So till a further confirmation of a bottom in gold, we should be headed lower towards $1,305, $1,295, $1,285-$1,280 and in the last case $1,270-$1,265 levels in the short and near term.
In Asia, gold is trading at the level of $1,308.80. Gold is taking support at the level of $1,307.0. The level of $1,307.0 has its importance in the daily and weekly charts. It is the day low from February 20, and the weekly low point. We expect if gold brakes this support, it will clear the situaton. The immediate support comes at $1,301.0 (50SMA). In the H4 chart, RSI is in oversold condition, we expect a pull back a bit from the current and $1,301 levels, before further down move.
Intraday- CMP $1,308.80
Buy with sl at $1,307.0, target at $1,316.0, $1,322.0, and $1,325.0
Sell below $1,307.0 with targets at $1,301.0, $1,295.0, $1,285.0, and $1,280.0 (Below $1,299.70 only, next target will come) .
The material has been provided by InstaForex Company – www.instaforex.com
Gold
broke below $1,320, implications are bearish in the near term. The rising
channel is breaking its best to consider the up move is over for now. Wave 5 is over, we are in a larger a-b-c correction. Where c=a targets the 61.8% retracement
zone near $1,270-$1,265. So till a further confirmation of a bottom in gold, we
should be headed lower towards $1,305, $1,295, $1,285-$1,280
and in the last case $1,270-$1,265 levels in the short and near term.
In Asia, gold is
trading at the level of $1,308.80. Gold is taking support at the level of $1,307.0. The
level of $1,307.0 has its importance in the daily and weekly charts. It is the day
low from February 20, and the weekly low point. We expect if
gold brakes this support, it will clear the situaton. The immediate support comes at $1,301.0 (50SMA). In
the H4 chart, RSI is in oversold condition, we expect a pull back a bit from
the current and $1,301 levels, before further down move.
Intraday- CMP $1,308.80
Buy with sl at $1,307.0, target at $1,316.0, $1,322.0, and $1,325.0
Sell below $1,307.0 with targets at $1,301.0, $1,295.0, $1,285.0, and $1,280.0 (Below $1,299.70 only, next target will come) .
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