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FX.co ★ Technical analysis of gold for March 28, 2017

Technical analysis of gold for March 28, 2017

Gold price remains in a bullish trend despite the pullback from $1,262 to $1,251. The price continues to trade inside the short-term bullish channel. The price reached previous highs and got rejected. The second try at the resistance is expected to break it upwards to new 2017 highs.

Technical analysis of gold for March 28, 2017

Blue lines - bullish channel

Gold is testing short-term support at $1,250. The channel and the tenkan-sen support (red line indicator) is found at $1,250. If this support fails, I would expect Gold to drift lower towards the 4-hour Kumo (cloud) at $1,240-30 area.

Technical analysis of gold for March 28, 2017

Black line - long-term resistance

Blue line - long-term support

The weekly chart remains fully bullish. The RSI is pointing higher and that the uptrend is not over yet. The price is above the tenkan- and kijun-sen indicators and general price direction points towards a test of the black long-term trend line resistance at $1,300.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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