Gold technical analysis for March 18, 2014
March 18, 2014 9:35 amVideo
Latest News
- Analysis of EUR/USD pair on May 24, 2024 May 24, 2024
- Analysis of GBP/USD pair on May 24th. Another British report showed weakness, but who cares? May 24, 2024
- USD/JPY: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- GBP/USD: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- EUR/USD: Simple trading tips for novice traders for May 24th (US session) May 24, 2024
- GBP/USD: trading plan for the US session on May 24th (analysis of morning deals). Sellers missed 1.2700 May 24, 2024
- EUR/USD: trading plan for the US session on May 24th (analysis of morning deals). The euro is not going to give up May 24, 2024
- EUR/USD. May 24th. The bears are starting to go on the offensive May 24, 2024
- Forecast of GBP/USD pair on May 24, 2024 May 24, 2024
- Trading Signals for EUR/USD for May 24-28, 2024: sell below 1.0864 (200 EMA – 21 SMA) May 24, 2024
- Trading Signals for GOLD (XAU/USD) for May 24-28, 2024: buy above $2,333 (200 EMA – oversold) May 24, 2024
- Weekly Forex Outlook: 24/05/2024 – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
- Technical Analysis – Is the pause in NGAS a warning signal? May 24, 2024
- Technical Analysis – USDCAD eases slightly after bullish rally May 24, 2024
- Week Ahead – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
- Technical Analysis – GBPJPY continues its journey north May 24, 2024
- Video market update for May 24, 2024 May 24, 2024
- Forex forecast 05/24/2024: EUR/USD, GBP/USD, USD/CAD, Gold and Bitcoin from Sebastian Seliga May 24, 2024
- USD/JPY: trading tips for beginners for European session on May 24 May 24, 2024
- GBP/USD: trading tips for beginners for European session on May 24 May 24, 2024
Yesterday, we mentioned a short-term sell signal that would be given if Gold price falls below $1,378. Our first target was $1,368 and our second target was the 50% retracement at $1,360. All our targets were achieved. Short-term trend remains down. Short-term upward sloping trend line was broken. We are now in a corrective phase.
Important support as shown in the chart above is found at $1,350-45. This is where the Ichimoku cloud and the blue longer-term trend line support is found. The 61.8% Fibonacci retracement at $1,352 is also very possible to be reached. Gold price has short-term resistance the $1,370 level and needs to break above it in order to re-test $1,380.
Daily trend remains bullish but we witness a short-term trend reversal at $1,390. Important support is found at $1,330-50. Breaking below this important support could open the road for a move towards $1,300-$1,270. The longer-term trend remains up. The long-term support is at $1,250. This support is important to hold for our double bottom target of $1,500-$1,600 to have chances.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: