Gold: Near Its Support Zone, Will You Trade?
AvaTrade | Mar 10, 2015 07:13AM ET
Gold is trading below its downward trend line on a daily time frame. The price has pierced the Bollinger band and it is trading away from its 20 day moving average which means the volatility is high. The piercing of the Bollinger band is only important when it is taking place at an important level of support or resistance. We are not far off from our support zone which may be the opportunity to buy.
The RSI and the MACD indicators are trading near their lows which should be taken as a caution.
Important zone
1131- 1149 Support
1278-1295 Resistance
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
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