Technical analysis of Gold for March 09, 2015 Market Analysis Review

Total nonfarm payroll employment increased by 295,000 in February, and the unemployment rate edged down to 5.5 percent, the U.S. Bureau of Labor Statistics reported Friday. The stronger US data punched the yellow metal prices to a 2-month low. After the QE launch by the ECB, the yellow metal fell below $1,200.00 and closed below it. Previously, we pointed the trend change. The metal fell below $1,200.00 thrice and managed to close above it. It's a good sign to recover. The metal made a high at $1,222.00 from a low at $1,190.00. Now, this view has been erased. We recommend selling below $1,195.00 with targets at $1,190.00 and $1,185.00. A daily close below $1,185.00 leads to $1,179.00, $1,170.00, $1,167.00, and $1,150.00 in the near term. The price made a low at 1163.50. Until prices close below $1,200.00, bears have the upper hand. The intraday support is found at $1,163.00 and resistance is seen at $1,204.50 and $1,209.00. The weekly resistance is set between $1,172.00.

Resistance: $1,172.00, $1,179.10, $1,187.00.

Support: $1,163.00, $1,155.00, $1,150.00.

Trade: selling below $1,163.00.

The material has been provided by InstaForex Company - www.instaforex.com



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