18.03.201504:36 Forex Analysis & Reviews: Technical analysis of Gold for March 18, 2015

Yellow metal is hovering near 2014 and 2015 low. At the yesterday's session, the metal found parallel support at $1,142.50, which is a low of December 2014. In case if the price breaks below $1,142.50, other parallel support at $1,131.70 comes to existence. All eyes on the today's Federal Reserve meeting. The metal price is under pressure amid mounting concerns about the Federal Reserve's rate hike. In case if we didn't hear rate hike, it means correction for the USDX and USD related pairs. This is a big thump up on equity markets. Everyone eyes on the patience word. Some economists expectat the Federal Reserve can pause a patient kind of activity. A four-day consolidation phase ends with a negative bias. The Federal Reserve stands on a hawkish tone. We expect the Federal Reserve to hike interest rates by 0.25% in June or September. The strong US dollar affects the metal price. The US dollar is likely to remain strong. At the today's Asian session, the metal is trading lower. At the yesterday's session, we recommend selling below $1,147.00 with targets at $1,140.00, $1,137.00, $1,124.00, $1,120.00, $1,$1,15.00, and $1,100.00. The metal hit a low at $1,142.50. For intraday, we recommend selling below $1,142.00 again. Intraday support is found at $1,142.00 and $1,131.50. Resistance is seen at $1,158.00. Weekly resistance is set around $1,168.00.

Trade: Buying above $1,156.00 with targets at $1,162.00,$1,166.00, $1,168.00, and $1,170.00.

Selling below $1,142.00 with targets at $1,137.50, $1,132.00,$1,128.00, and $1,120.00. We expect wild movements today.

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