Technical analysis of Gold for March 10, 2015

Nothing has changed on gold technicals. The
stronger US data pushed the yellow metal’s prices down to a 2-month low. After Friday’s
US jobs data, the yellow metal fell 2.5%. After
the QE launch by the ECB, the yellow metal fell below $1,200.00 and closed
below it. The metal inched up ahead of the Eurogroup meeting but gains were
erased. The physical demand is weak as well. China’s
physical buying is drying up and signalling more room for the downside. A stronger USD
capped the precious metal. The US Federal Reserve is leaning in favor of the sooner interest rates hike. Until prices close below $1,200.00, bears have
the upper hand. The intraday support is found at $1,163.00 and resistance is
seen at $1,170.00 and $1,175.00. The weekly resistance is set between $1,193.00.
We recommend intraday buying above $1,170.00, safe buying above $1,175.00 with
targets at $1,179.00,$1,183.00, and $1,190.00.

Resistance: $1,175.00, $1,179.10, $1,187.00.

Support: $1,163.00, $1,155.00, $1,150.00.

Trade: selling below $1,163.00.

Buying above $1,170.00.

The material has been provided by InstaForex Company – www.instaforex.com