31.03.201407:28 Forex Analysis & Reviews: Analysis of gold for March 31, 2014

Análisis a largo plazo

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On the fundamental side, the FOMC continues reducing the bond buying program that keeps high pressure on gold prices, while economic data is showing little improvement. If the Federal Funds Rate increase is likely to occur in spring 2015. The Interest rate is the driver factor for gold in the short term.

Now gold is trading around $1,296 and as we can see on charts, gold has broken the support trade line starting from $1,180 mark in 2013. This breakout came in combination of 2 parallel breakout as well as provided more opportunity with trading below 38.2% fib correction area. However, oversold indicators (H4 chart) may delay the downside move and look for consolidation before falling further. Candlestick patten is negative with indicators.

In the H4 chart, RSI is indicating a positive move. We expect a pull back to take place with interim support levels. In Asia's trading session, the gold is trading at $1,297 level. On the upside, the resistance levels exists at $1,300, $1,310, $1,316, and $1,320.0. In intraday perspective, it is facing resistance between $1,298.3-$1,300 levels. It's a good opportunity for Intraday traders to buy above $1,300 for targets at $1,306, $1,310, and $1,316. On the upside, $1,316.6-$1,319 are the strong resistance levels. A strong up move will take place once the price crosses above the 50SMA levels at $1,319. On the downside, below $1,288, the price will melt up to $1,280, $1,270, $1,265, and $1,261.0.

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