Gold Fails To Break Beyond 1172.00 Resistance
ICN.com | Mar 10, 2015 05:19AM ET
Gold has failed to take out the initial resistance of 1172.00 where 76.4% Fibonacci of the above seen wave exists; whilst the daily closing below it warns of extending the bearishness. The clue for the next wave resides at 1151.00 level, as coming below it will be a new negative signal and it will assist traders to ignore the oversold sign on RSI14. Anyway, stability below Linear Regression still suggests further declines.
On the upside, breaching through 1198.00-1200.00 zones will bring a strong upside recovery.
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