24 Mar 2015
Gold struggling to breach $1192.30 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, gives the technical outlook and key levels for Gold in USD terms.
Key Quotes
“The daily chart shows the metal is struggling to breach the rising trend line resistance located at USD 1192.3/Oz levels.”
“The 4-hour RSI has turned lower from the overbought zone, while the metal has also breached the rising trend line on the hourly chart.”
“Thus, the metal could drop to USD 1181.5, which is the 23.6% Fib retracement level of the down trend from USD 1307.3 (Jan. 22 high) to USD 1142.6 (Mar. 17 low).”
“On the other hand, a daily close above the falling trend line on the daily charts, could open doors for the test of USD 1200-1205 levels.“
Key Quotes
“The daily chart shows the metal is struggling to breach the rising trend line resistance located at USD 1192.3/Oz levels.”
“The 4-hour RSI has turned lower from the overbought zone, while the metal has also breached the rising trend line on the hourly chart.”
“Thus, the metal could drop to USD 1181.5, which is the 23.6% Fib retracement level of the down trend from USD 1307.3 (Jan. 22 high) to USD 1142.6 (Mar. 17 low).”
“On the other hand, a daily close above the falling trend line on the daily charts, could open doors for the test of USD 1200-1205 levels.“