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13.03.201404:10 Forex Analysis & Reviews: Technical analysis of Gold for March 13, 2014.

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Technical outlook and chart setups:

1. Gold takes out $1,370.00 levels with ease yesterday. It is recommended to let it form a top now and show reversal signs to enter short positions again. It should break at least $1,327.00 to confirm that an intermediary top is in place. It is recommended to remain flat for now.

2. Immediate resistance is now at $1,371.00, while support levels are spread through $1,327.00, followed by $1,320.00, $1,280, $1,230/40 and lower respectively.

3. The structure reveals that prices should form a right shoulder of the potential head and shoulder inverted. Look to buy lower around $1,250.00/60.00.

Trading recommendations:

Flat for now.

Good luck!

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