empty
 
 
01.03.2016 09:24 AM
Technical analysis of Gold for March 01, 2016

This image is no longer relevant

Technical outlook and chart setups:

Gold is consolidating in a cone formation, hitting resistance at $1,243.50 levels at the moment. The metal is expected to drop lower from here and break below $1,210.00 levels at least. Please note that a push below $1,210.00 levels would trigger further down side towards $1,190.00 and $1,170.00 levels respectively. Also note that strong support is seen at $1,167.00/68.00 levels, which is fibonacci 0.50% of its rally from $1,070.00 through $1,263.00 levels respectively. Hence it is recommended to remain short again now, with risk above $1,255.00 levels. Immediate support is seen at $1,210.00 levels while resistance is at $1,253.00 levels respectively.

Trading recommendations:

Remain short again, stop at $1,255.00, a target is $1,210.00 and lower.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback