14.03.201403:49 Forex Analysis & Reviews: Analysis of gold for March 14, 2014

The weak dollar is pushing gold prices to a 6-month high. In the week ending March 8, the advanced figure for seasonally adjusted initial jobless claims was 315,000, a decrease of 9,000 from the previous week's revised figure of 324,000. The 4-week moving average was 330,500, a decrease of 6,250 from the previous week's revised average of 336,750.

Technical view-

Gold is trading at a daily high of $1,375.60, as of now in Asia. It is facing a stiff resistance at $1,377.0. We recommended in our previous post to buy gold. In case of a daily close above the level of $1,355.0, we will see $1,359.0 $1,362.0, $1,375.0, $1,395.0, $1,420.0, and $1,440.0. We are still waiting for the next targets. If the price crosses above the $1,378.0, we can see further hike towards $1,395.0 and $1,401.0. On the down side, If gold is unable to cross the $1,377.0, it can correct up to $1,370.0, $1,366.0, $1,354.0, and $1,349.0. A day close below $1,330.0 is a bearish view, until that, buy on dips is the best strategy.

Intraday-

Sell below $1,364.0.