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GOLD Today Chart 03/03/2016

Gold rebounded on Wednesday, after it hit support near the 1223 (S1) support zone. Nevertheless, the advance remained limited slightly below the 1250 (R1) resistance hurdle. Bearing in mind that the yellow metal oscillates between these two territories since the 23rd of February, I will maintain my “wait and see” stance for now. I would like to see a move above 1250 (R1) before I get confident again on the upside. Something like that could initially aim for the 1265 (R2) line, marked by the peak of the 11th of February. Taking a look at our short-term oscillators, I see that both the RSI and the MACD stand slightly above their equilibrium levels but they point sideways. What is more, both of them stand below their respective downside resistance lines. These signs support my choice to stay flat for now. On the daily chart, I see that on the 4th of February the price broke above the long-term downside resistance line taken from the peak of the 22nd of January 2015. This keeps the medium-term uptrend intact in my view. However, I see that our daily oscillators reveal slowing upside speed and this is another reason I prefer to take the sidelines for a while.



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