Chart Of The Day: Gold Has Multiple Upside Barriers To Justify Latest Strength

Tue, 12 Mar 2019 13:50

Even if latest USD weakness helped the Gold prices to take a U-turn from $1291, the yellow metal needs to clear a three-week-old descending trend-line, at $1302, followed by 61.8% Fibonacci retracement of January–February upside, around $1303.50, in order to justify its near-term strength. However, the $1316.50–$1317.50 area may challenge bulls past-$1305.50, if not then $1327 and $1333 are likely numbers to come back on the chart.

Meanwhile, $1291, $1285 and $1283 are likely immediate supports for the safe-haven ahead of highlighting $1281 and $1276 rest-points. In a case when prices slip under $1276, 61.8% FE level of $1272 could become Bears' favourite.

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