Technical analysis of GOLD 03/27/2020
Gold quotes during the formation of the downward correction found support at the level of 1450.00 and did not close the week below (38.2% Fibo) on the 1W timeframe.
At the moment, quotes are in the region of 1650.00 approaching the resistance level in the region of the last maximum of 1700.00.
The current technical picture suggests the continuation of the uptrend above the last maximum of 1700.00 with the aim of its development to a historical maximum in the zone of 1900.00.
A signal to cancel the option to continue the growth will be a decline in quotations below the 1350.00 zone, which will mean a break (61.8% Fibo), (MA100), as well as an uptrend line on the weekly chart. If the price goes below this zone, this will be a signal for a likely change in the trend with the potential goal of falling below 1.1200.
Created by Joshua Hayn