Gold gets rid of its negative pressures. - Technical Analysis - 04-01-2016

Gold prices rose in its short term and intra-days trading, breaching thereafter the important resistance level of 1,066.00, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 1,097.97 to 1,046.25), which gave it some positive momentum that helped it rise farther, trespassing the simple moving average for the period 50, and getting rid of its negative pressure, and benefiting from its positive support in the coming trading.

 

Therefore we expect more gain for the precious metal, targeting thereafter the resistance of 1,078.21, which represents the ratio 61.8% of the same retracement levels mentioned earlier.