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06.03.201510:47 Forex Analysis & Reviews: Gold technical analysis for March 6, 2015

Long-term review

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Gold price is sliding lower towards the critical support of $1,190. There are still chances of a bounce towards $1,235 or even $1,250. In order for this scenario to come true, the price will need to break above $1,213.

Gold price is below the Ichimoku cloud, but still above the recent low. The green area on the chart above is the critical support of the current trend. Resistance is found at $1,210-12. Breaking above that level and above the Ichimoku cloud will be a bullish signal that gold price could reach the 38% retracement. Volatility due to the Non-Farm Payroll announcement is expected today.

Red line = trend line support

The weekly chart remains fully bearish as the price got rejected at the kijun-sen (yellow line). If the NFP announcement today influences gold price, this will be the last chance for bulls to see a push towards $1,235-40. The longer-term trend remains fully bearish.

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