Technical analysis and trading recommendations on Gold for March 02, 2014
March 2, 2015 8:00 am
China’s demand supported the metal, so it managed to hold the $1,190.00 levels and trade above $1,200.00. Finally, the metal paused its four-week losing streak and gained $10 last week. The weaker US GDP gave enough support to bring back some shines in the price. As we advised earlier, the metal fell below $1,200.00 thrice and managed to close above it. It’s a good sign to recover. But as we expected, the metal is unable to close above $1,217.00. Ahead of US ISM manufacturing data, the metal is trading higher at the early Asian session. The parallel resistance is found between $1,222.60 and $1,224.00. Bulls can challenge $1,231.00 and $1,236.00, in case the price closes above $1,224.00. The intraday support is found at $1,210.00. The weekly and daily resistance is set at $1,223.00. In Friday’s articles we advised, in case the US GDP print falls short of expectations, there is a chance of an upside price momentum towards $1,217.00 and $1,222.00. Today, the metal touched my targets in line with buying recommendations at $1,212.00. The ECB meeting is called on Tuesday. Yellen’s speech is also of high importance. Until the price closes above 1204.00, bulls have an upper hand. The near-term bottom was placed at $1,190.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00.
The material has been provided by InstaForex Company – www.instaforex.com
China’s demand supported the metal, so it managed to hold the $1,190.00 levels
and trade above $1,200.00. Finally, the metal paused its
four-week losing streak and gained $10 last week. The weaker US GDP
gave enough support to bring back some shines in the price. As we advised
earlier, the metal fell below $1,200.00 thrice and managed to close above it.
It’s a good sign to recover. But as we expected, the metal is unable to close
above $1,217.00. Ahead of US ISM
manufacturing data, the metal is trading higher at the early Asian session. The
parallel resistance is found between $1,222.60 and $1,224.00. Bulls can
challenge $1,231.00 and $1,236.00, in case the price closes above $1,224.00. The
intraday support is found at $1,210.00. The weekly and daily resistance is set
at $1,223.00. In Friday’s articles we advised, in case the US GDP print falls
short of expectations, there is a chance of an upside price momentum towards
$1,217.00 and $1,222.00. Today, the metal touched my targets in line with buying recommendations
at $1,212.00. The ECB meeting is called on Tuesday. Yellen’s speech is also of high importance. Until
the price closes above 1204.00, bulls have an upper hand. The near-term
bottom was placed at $1,190.00. A daily close below $1,185.00 leads to $1,170.00,
$1,167.00, and $1,150.00.
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