Gold rallied to new highs. Again gold proved itself as a safe heaven bet. Due to the Ukraine crisis, gold moved higher to the level of $1,355.0. Gold technically looks very strong towards upside. Both daily and hourly momentum oscillators were in overbought zone, it permits gold to limited upside. On the upside, $1,361.0 is the strong resistance level and $1,346 is the strong support level. Now the level of $1,346.0, which was resistance, became support. Major support is acting as yesterday's low of $1,329.0.
The next upmove is intact only above the level of $1,355.0 for the targets at $1,361.0. As we recommended in our earlier report, above $1,362, we can see more upside levels towards $1,368, $1,375, $1,400, $1,415, and $1,433.
On the downside, yesterday's low of $1,329 is the crucial level for further trading sessions. Before the price moves above the level of $1,362, we will see some correction in the price expecting towards $1,346, below this $1,329, and $1,318.0.
Upside-
· Price is trading above 200DEMA in the daily and hourly chart, $1,329.0
· $1,362.0 is the strong resistance zone, above that $1,400.0 and $1,433.0 in the charts.
Downside-
· $1,346.0, $1,329.0, $1,318.0 is the major support zone.
· A day close below the level of $1,318.0 will push gold towards $1,307.0, $1,300.0, and $1,286.0.
· Trend changes at a day close below $1,245.0
· RSI favors to the downside in the daily and hourly charts
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of gold for March 04, 2014 . Thanks for your support on Technical analysis of gold for March 04, 2014
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