Daily Forecast - 16 March 2015
Gold April Contract
Gold has important longer term support at 1156/55 but below here sees a retest of support at 1147/1146. Being oversold it is worth trying longs with stops below December lows at 1142/1141. Although oversold a break lower always possible in the negative trend to target 1138/37 then the 4 year lows for Gold seen in November 2014 at 1131/30. Obviously this is extremely important & a bounce from here should be seen, initially at least. Just be aware that a weekly close tonight below starts the next leg lower in the bear trend next.
Any bounce meets first resistance at 1158/59 but above Friday's high at 1261 targets stronger resistance at 1164/65. This is likely to mark a high for the day but shorts need stops above 1169. On a break higher use 1165/64 as support for a move towards 1172 then resistance at 1175/77.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
AUD/USD: Extra gains in the pipeline above 0.6520
AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.
EUR/USD jitters post-Fed with NFP Friday over the horizon
EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank.
Gold prices skyrocketed as Powell’s words boosted the yellow metal
Gold prices rallied sharply above the $2,300 milestone on Wednesday after the Federal Reserve kept rates unchanged while announcing that it would diminish the pace of the balance sheet reduction.
Ethereum plunges outside key range briefly as US Dollar Index gains strength
Institutional whales appear to be dumping Ethereum after recent dip. Fed’s decision to leave rates unchanged appears to have helped ETH's price recover slightly. SEC Chair Gensler has misled Congress, considering recent revelations from Consensys suit, says Congressman McHenry.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.