GOLD Weekly Technical Analysis (9-13 March, 2015) | March 8, 2015

Gold fell rapidly after NFP news released. 1190 level was support for gold. After break this level, it fell sharply. We can see that this gold is following a down trend line. Last week it touched that line at 1223 and rejected from that level. It continued its downward rally. Further downward movement can be expected in the coming trading days. 1130-1140 level is very important support area. If gold can break this support we can expect more down on it. As gold down 300+ last friday, we need to wait for some retrace to take sell entry. 1190 area will be good sell zone.



Weekly Pivot, Support and Resistance

Resistance Two (R2): 1211

Resistance One (R1): 1239

Pivot Point: 1251

Support One (S1): 1279

Support Two (S2): 1291