GOLD forecast: Selling pressure & bulls are waiting to hunt!

GOLD 30th March 2015

Gold (currently at: 1183 level) after taking a direct run from 1128 to 1220 during the second half of March, 2015 as I previously expected. The 1220 level was a strong resistance to stop this run from moving up to the next level.

I still prefer the long positions for the gold, wait for the gold to fall sharply this time, with the nonfarm payroll next week, you should not buy GOLD early without a clear support.

The GOLD (XAU/USD) has the following major resistance and support levels:

  • RESISTANCE: 1220
  • SUPPORT: 1076

Breaking these levels in any direction will take us higher or lower.

My Daily BUY/SELL advice (50 pips stop loss applied):

  • Sell: at 1180 – Take profit 1100 (80 pips profits)
  • Buy: at 1080 – Take Profit 1180 (100 pips profits)
  • Buy: at 1010 – Take Profit 1160 (150 pips profits)

This review is valid during trading week(s): 30th, March-3rd April, 2015