GOLD Weekly Technical Outlook (2-6 March, 2015) | February 28, 2015

Gold Is staying below near-term resistance level. 1219-1222 level is important resistance for gold. We can see rejection from that level for several times. So now it will act as strong resistance. We can sell from that level if we can get rejection candle again from that resistance. On the other hand, any daily close above this resistance area, we can go for buy entry. Then we can target 1240 area. For this week, we can see that gold is still on down pressure. So we should stay with the downtrend. We need to find sell entry from every retrace. For sell entry, we can target 1192 area.



Weekly Pivot, Support and Resistance

Resistance Two (R2): 1236

Resistance One (R1): 1224

Pivot Point: 1207

Support One (S1): 1195

Support Two (S2): 1178