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Home » Daily Technical Reports » GOLD Daily Technical Report 21/03/2016

GOLD Daily Technical Report 21/03/2016

Gold slid on Friday and fell below the support (now turned into resistance) barrier of 1255 (R1). Taking into account that the metal has been oscillating between the 1225 (S2) support hurdle and the resistance zone of 1278 (R2) since the last days of February, I would consider the short-term picture to stay neutral for now. I would like to see a clear move above 1278 (R2) before I get confident again on the upside. Something like that could open the way for the psychological zone of 1300 (R3). For now, I see signs that Friday’s pullback may continue for a while, perhaps to challenge the 1235 (S1) support zone. Our short-term oscillators corroborate my view as well. The RSI edged down and is now testing its 50 line, while the MACD, although positive, has topped and just crossed below its trigger line. Switching to the daily chart, I still believe that the longer-term picture remains somewhat positive. I would treat the short-term range as a pause of that longer-term uptrend at the moment.

Gold 21

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