Gold Due For A Correction
| Mar 14, 2016 11:03AM ET
Gold (14.3.2016) traded higher in accordance with our expectations and snagged the $1280 mark. However strong resistance at $1280 was unbeatable.
Now gold is trading around the $1247 mark as we can see on the charts. While reaching the $1280 mark in the last few weeks gold made a rising wedge pattern just below the 161.8% fibonacci retracement level. We will be looking for a rising wedge breakout (most ideally downside) and then enter in trade.
On the fundamental side, the upcoming FOMC meeting will play an important role in gathering long term direction.
We prefer to flog with a rising wedge breakout for the most possible support area around the $1192 mark in coming weeks.
MCX levels -> S2(28670) S1(29050) cmp(29360) R1(29710) R2(30140)
Disclaimer: The above technical analysis is not a buy / sell recommendation.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.