Technical analysis of GOLD 03/19/2020
Gold could not reach the resistance in the level of 1700.00, where quotes began to adjust and are currently consolidating in the 1450.00, breaking through the 38.2% Fibo grid on W1 timeframe.
The current technical picture suggests the continuation of the downward correction.
The nearest support is in the area of 1.1430 (the level of 50% of the Fibo grid on W1 timeframe.).
Key support is located at 1.1368 at the intersection of MA100, the trend line and the level of 61.8% of the Fibo grid on W1 timeframe. If the price fall below this zone, it will be a signal for a likely change in the trend with the potential goal of falling below 1.1200.
However, while an uptrend is maintained on W1 timeframe and key support is not broken, there remains a high probability of the resumption and development of an ascending chanel with a potential target above 1.1700.
Created by Joshua Hayn