Technical analysis for Gold for March 29, 2019

Gold price has made a sharp decline yesterday below $1,300. We warned bulls that by breaking below $1,310 and the fact that the short-term support trend line were broken, have given us enough bearish signals to expect a move lower towards $1,290-$1,300. Major support is now being tested.


Blue rectangle - resistance area

Green rectangle- major support area

Blue line - short-term support trend line (broken)

Red line - major support trend line

Gold price is now challenging the important support area below $1,290 as low as $1,280. Bulls need to react fast and push price above $1,300 again. Inability from bulls to recapture the $1,300 level will most probably lead to a break of $1,280 and a push lower towards $1,260-50 area. Gold short-term trend remains bearish after breaking below the blue trend line and $1,310. Breaking below $1,280 will put the medium-term bullish trend in danger of changing to bearish.

The material has been provided by InstaForex Company -