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Gold technical analysis for March 20, 2015

Gold price is making another upward bounce towards the resistance at $1,175-80. The price remains below the downward sloping trend line and inside the cloud of the 4-hour chart. As long as the price does not break above $1,180, I will expect another round of selling to push prices towards $1,140.

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Black line = resistance

Green line = support

Gold price is testing the black downward resistance trend line. The last time it was tested, the price got rejected at $1,220 and reversed lower towards $1,140. Trend remains bearish as long as the price is below this trend line and as long as it does not break above the cloud.

goldh4.jpg

Green line = support

Black line = resistance

Bulls need to defend the support at $1,145-40 and break above $1,175 at least. On the other hand, bears will try to break short-term support at $1,159 and $1,140. The price is inside the Ichimoku cloud. This is a sign of neutrality in the trend. However, I remain bearish as long as we are below the trend line.

The material has been provided by InstaForex Company – www.instaforex.com

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Gold technical analysis for March 20, 2015 Reviewed by on . Gold price is making another upward bounce towards the resistance at $1,175-80. The price remains below the downward sloping trend line and inside the cloud of Gold price is making another upward bounce towards the resistance at $1,175-80. The price remains below the downward sloping trend line and inside the cloud of Rating:
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