Trading plan for Gold for Mar 31, 2020


Technical outlook:

Gold is seen to be trading around $1,615 levels at this point in writing with a negative bias, looking to break down below $1,600 levels. The rectangle highlighted on the above chart is resistance zone for any intraday rallies. The overall structure remains bearish for the yellow metal until prices stay below $1,703 levels. Immediate resistance is seen at $1,703, while interim support is seen around $1,450 levels respectively. The recent boundary being worked upon is between $1,703 and $1,450. As seen here, Gold has risen through the fibonacci 0.618 retracement and almost reached the 0.786 resistance before pulling back. Another spike might push prices through $1,649/50 levels before reversing sharply. Please note that fibonacci extensions are pointing towards $1,298 levels going forward. If we go by the time line taken to form the above wave structure since $1,703 highs, Gold prices remain poised to reach $1,298 levels in the next 4-5 weeks.

Trading plan:

Remain short from yesterday @ $1,615/25. stop @ 1,703 target @ 1,298

Good luck!

The material has been provided by InstaForex Company –

Source:: Trading plan for Gold for March 31, 2020

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply