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23.03.201608:26 Forex Analysis & Reviews: Technical analysis of Gold for March 23, 2016

Long-term review

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Technical outlook and chart setups:

Gold has dropped lower after hitting resistance at $1,260.00 levels yesterday, a tad bit higher than expected but the direction has been lower since then. The metal is seen to be trading at $1,235.00/36.00 levels for now, looking to drop below $1,220.00 levels going forward. Please note that the metal is on track towards $1,190.00 levels at least before producing a meaningful retracement. Furthermore, potential still remains towards $1,140.00 levels (which is the fibonacci 0.618 support of the entire rally from $1,056.00 through $1,283.00 levels) as well. It is recommended to remain short for now, with risk at $1,265.00 levels. Immediate resistance is at $1,260.00 levels, while support is at $1,220.00 levels.

Trading recommendations:

Remain short for now, stop at $1,265.00, target $1,190.00.

Good luck!

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