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04.03.2015 10:59 AM
Gold technical analysis for March 4, 2015

The gold price continues to trade above the support at $1,200. However, there is no clear sign of strength that could push the price above $1,225. A short-term trend is neutral. As long as the price is above $1,190-$1,200, bulls have hope for a bigger bounce towards $1,250.

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Black line = trend line resistance

Now, the Ichimoku cloud is back above the Gold price again. Gold has not managed to reach the 38% retracement of the decline, but I still believe that it may hit that level. The short-term support is at $1,200 and the short-term resistance is at $1,213.

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The weekly chart is not good for bulls as the rejection at the kijun-sen (yellow line) is a bearish sign. Support is found at $1,190. If broken bears are in control, we could see a sharp move downwards towards $1,130.

Alexandros Yfantis,
Especialista em análise na InstaForex
© 2007-2025
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Alexandros Yfantis
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