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3/24/2016 3:44:18 AM

Gold amid negative outlook - Technical Analysis - 24-03-2016



Gold prices kept falling in the intraday levels, with ongoing negative pressure from the SMA, reaching the important support of 1,189.88, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 1,115.64 to 1,264.12), with overall guidance from the downward correctional short-term trend, with the prices hinting at forming a negative pattern complimentary to that downward trend, the Flag pattern, as shown in the attached chart.

Therefore we expect more losses to come for the precious metal, especially if it broke through the support of 1,189.88, targeting the next support at 1,172.36, which represents the ratio 61.8% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bearish

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