For Traders

Analytical Reviews

Technical analysis

03.03.201510:55 Forex Analysis & Reviews: Gold technical analysis for March 3, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price has made a strong reversal yesterday towards the support of $1,200. The short-term trend is unclear for gold, but there is an increased chance of a continued bounce towards the 38% retracement of $1,235.

Gold price, as shown on the 4-hour chart above, is inside the Ichimoku cloud and above the green support area of $1,188-$1,200. As long as gold price is above the green support area, I would expect gold price to bounce towards the 38% Fibonacci retracement at least.

Red line = support

Gold price on the weekly chart, as shown above, remains in a bearish trend and below the kijun-sen resistance (yellow line). However, as long as the price is above the red line support, I would expect gold price to bounce above the kijun-sen (yellow line) towards the tenkan-sen (red line) at least.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.