Daily analysis of gold for March 21, 2017

Overview

Gold price opens today’s trading with clear negativity, aiming to break $1,231.13 level and attempting to settle below it. Therefore, traders should be caution, as holding below this level will push the price to test $1,211.30 before any new positive attempt. In case the daily candlestick closes above $1,231.13, we will suggest the overall bullish trend for the upcoming period. Besides, the stochastic is reaching the oversold areas, waiting to break above $1,231.13 level which will reinforce the expectations of heading towards $1,263.17 mainly. Breaking the level of $1,221.70 will put the price under more negative pressure during this day. The expected trading range for today is between $1,215.00 support and $1,250.00 resistance.

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Source:: Daily analysis of gold for March 21, 2017