After FOMC Statements and Yellen’s speech at 18 March GOLD has a huge rise and supported this trend with 55 Hrs EMA. On the last day of last week, because of reactions in the prices we began to ask if this rise has ended. According to the analysis, we calculated the pivot point as 1198.31.
So hourly closings below this level will make us to think shortly down trend continues. Short term traders must pay attention to this level. According to days analysis, 1200 level is an important resistance for GOLD. If GOLD wants to go down more, today’s closing should be below 1200. After then it may test 1192 – 1185 – 1178 again. On the other side, to be in long positions, a couple of hourly closings should be over 1198 and daily closing should be over 1200.
We beileve that, we would see 1190 before it tries to go up again.
Trade safe and don’t forget SL…