Trade n Trend

Home » Daily Technical Reports » Gold Today Technical Report 30/03/2016

Gold Today Technical Report 30/03/2016


Gold rebounded on Tuesday, breaking back above the resistance (now turned into support) barrier of 1225 (S1). Nevertheless, the advance was stopped near the 1243 (R1) resistance zone. Although the metal is trading below the downtrend line taken from the peak of the 11th of March, given that it trades back above the key line of 1225 (S1), I prefer to hold a flat stance at the moment. I would like to see another dip below 1225 (S1) before I get confident again on larger declines. Something like that could initially challenge again the 1210 (S2) hurdle. Switching to the daily chart, I see that the dip below 1225 (S1) on the 23rd of March has signaled the completion of a failure swing top formation. However, the move back above the 1225 (S1) line makes me take the sidelines as far as the broader trend is concerned as well.


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