Technical analysis of Gold for March 24, 2014. Technical outlook and chart setups: 1. An 8H chart view says that Gold is still probing the immediate line of support around $1,320.00/25.00 mark at the moment. A bullish reaction here would confirm that bulls remain in control and rally continues towards at least $1,370.00/80.00. It is recommended to remain flat for now and look to sell higher. 2. The immediate resistance zone is at $1.370.00/80.00 mark, followed by $1,388.00 while supports are now at $1,310.00, followed by $1,230/40 and lower respectively. 3. The structure reveals that a trend line break now, would confirm further bearishness towards $1,310.00 i the near term. Whatever the case, $1,250.00/60.00 remains optimum buy. Trading recommendations: Flat for now. Good luck!
Posted on: Tue, 25 Mar 2014 00:22:20 +0000
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