Thursday 18th March 2021: Technical Outlook and Review
On the weekly timeframe, gold is currently holding between 1774 resistance and 1670 support. Long term traders should continue to watch these two levels as a break of either will see price swing in that direction.
Wednesday 17th March 2021: Technical Outlook and Review
On the 4H timeframe price drifted sideways and technical outlook remains unchanged. Price is still holding below the moving average and 1740 resistance.
Tuesday 16th March 2021: Technical Outlook and Review
On the weekly timeframe, gold is currently holding between 1774 resistance and 1670 support. Long term traders should continue to watch these two levels as a break of either will see price swing in that direction.
Monday 15th March 2021: Technical Outlook and Review
On the weekly timeframe, gold is currently holding between 1774 resistance and 1670 support. Long term traders should continue to watch these two levels as a break of either will see price swing in that direction.
US Daylight Savings & Server Time Changing to GMT+3
Dear Trader, On Sunday the 14th of March, IC Markets Trading servers will move forward by one hour from GMT+2 to GMT+3 as parts of the US will enter daylight savings.
Tuesday 9th March 2021: Technical Outlook and Review
On the weekly timeframe, gold pushed lower towards 1670 support which is in line with key 61.8% Fibonacci retracement level.
Monday 8th March 2021: Technical Outlook and Review
On the weekly timeframe, gold pushed lower towards 1670 support which is in line with key 61.8% Fibonacci retracement level. A weekly close above this support level could possibly see a bounce next week.
Friday 5th March 2021: Technical Outlook and Review
Looking at the weekly chart, we can see that prices broke our ascending trend line and key support level at 1.20000, where we could see a further downside before prices reach the next support target at 1.16000, which coincides with graphical swing low support level.
Thursday 4th March 2021: Technical Outlook and Review
On the weekly timeframe, gold pushed lower breaking previous supports. Price has also broken below long term moving average. Price could very well ride the bearish momentum and drift lower towards 1670 support which is in line with key 61.8% Fibonacci retracement level.
