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GOLD Technical Report 15/03/2016

Gold tumbled yesterday after hitting resistance at 1260 (R2). The metal broke below the support (now turned into resistance) of 1246 (R1) and the uptrend line taken from the low of the 10th of February. This has shifted the short-term outlook to the downside in my view and as a result, I would expect a move below the 1223 (S1) support line to open the way for the next support at 1212 (S2). Our short-term momentum studies detect strong downside speed and support the notion. The RSI edged down and now stands near its 30 line, while the MACD lies below both its zero and trigger lines, and points south. Switching to the daily chart, I still believe that the longer-term picture remains somewhat positive. However, I see negative divergence between our daily oscillators and the price action, something that increases the odds for a deeper corrective move.

GOLD 15

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