Gold technical analysis for March 31, 2015
March 31, 2015 8:30 amVideo
Latest News
- Technical Analysis of Intraday Price Movement of AUDCHF Cross Currency Pairs, Thursday May 30 2024. May 30, 2024
- Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday May 30 2024. May 30, 2024
- Forecast for EUR/USD on May 30, 2024 May 30, 2024
- Forecast for GBP/USD on May 30, 2024 May 30, 2024
- Forecast for AUD/USD on May 30, 2024 May 30, 2024
- Overview of GBP/USD on May 30. The pound continues to break all records May 30, 2024
- Overview of EUR/USD on May 30. The euro eagerly capitalized on a new reason for growth May 30, 2024
- The Canadian dollar is going through a period of weakness. Overview of USD/CAD May 30, 2024
- Weak yen vs. strong dollar: waiting for a global reversal. Overview of USD/JPY May 30, 2024
- Technical Analysis – GBPUSD posts 2-month high before paring some gains May 29, 2024
- OPEC+ supply cuts to stay, but patience might start running out – Special Report May 29, 2024
- USD/JPY: Simple trading tips for novice traders on May 29th (US session) May 29, 2024
- GBP/USD: Simple trading tips for novice traders on May 29th (US session) May 29, 2024
- EUR/USD: Simple trading tips for novice traders on May 29th (US session) May 29, 2024
- Trading Signals for GOLD (XAU/USD) for May 29-31, 2024: sell below $2,346 (oversold- 200 EMA) May 29, 2024
- Trading Signals for EUR/USD for May 29-31, 2024: sell below 1.0851 (21 SMA – 200 EMA) May 29, 2024
- GBP/USD: trading plan for the US session on May 29th (analysis of morning deals). The pound continues its correction May 29, 2024
- EUR/USD: trading plan for the US session on May 29th (analysis of morning deals). The euro is pushing in the channel May 29, 2024
- EUR/USD. May 29th. Bulls are running out of strength, but inflation can help them May 29, 2024
- GBP/USD. May 29th. The pound is not worried about the lack of drivers May 29, 2024
Gold price continued its downward move towards short-term support at $1,180-75 as expected. Now, it is testing the short-term support levels and bulls need to step in if they want to push the price back above $1,200. The longer-term trend remains bearish and the weekly chart makes me favor the bearish scenario towards $1,130 and lower.
Short-term support is seen at $1,172 at the 61.8% retracement. This is also a lower boundary of the green Ichimoku cloud. As long as gold price is above that level, bulls have hope for an upward reversal.
Last week’s high is important resistance as the price got rejected at the kijun-sen. We have a bearish crossing between the tenkan-sen and kijun-sen. If resistance at $1,220 is broken, we should expect gold price to move towards red cloud resistance at $1,250. Important long-term support is at $1,130. In case it gets broken, a medium-term move towards $1,000 and $900 can be expected.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: