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21.03.201609:30 Forex Analysis & Reviews: Gold technical analysis for March 21, 2016

Long-term review

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Gold price remains in a short-term bearish trend and is making lower lows and lower highs. Price remains inside the sideways channel and as long as we remain above $1,220 there are still chances of a new high towards $1,300.

Blue lines - bullish channel

Price has broken below the Kumo (cloud) once again on the 4 hour chart. Price remains inside the bullish channel. Price reversed from the 78.6% retracement after a big spike last week. This lower high if followed by a new low below $1,220 then we will be sure the top is in and we are heading towards $1,150.

The weekly stochastic is overbought and diverging. This is a bearish signal. Price should at least test the Kumo (cloud) at $1,190 and the 38% Fibonacci retracement. Gold can fall even further towards $1,150. I remain neutral to bearish in the short- and medium-term trend. I believe a long-term low is in place that is why I remain bullish.

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