empty
 
 
12.03.2019 11:22 AM
Technical analysis for Gold for March 12, 2019

Gold price has pulled back as expected from $1,300 towards $1,290 and is now expected to move higher towards $1,310. It is important for this scenario to come true, for price not to break below $1,290 and especially below $1,285.

This image is no longer relevant

Red line - RSI support

Gold price has reached the 38% Fibonacci retracement and got rejected. Resistance remains strong at $1,300 and as long as we trade below it there is still danger of making another sell off towards $1,250-60 area. Support at $1,290-85 is crucial for this scenario. Holding above $1,290-85 keeps hopes alive for a move towards $1,310. Breaking below $1,290 will cancel this bullish scenario for $1,310 and will make me expect another selling round to push price below $1,280.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback