Analysis of Gold for March 07, 2019

Gold has been trading sideways at the price of $1.286.90. Accumulation is in progress.


After the period of the downward movement, Gold did start the basing (accumulation process), which is a sign that selling looks very risky and that we may expect upward movement. The key short-term resistance is set at the price of $1.290.00. The key support is seen at the price of $1.281.00.

Trading recommendation: We will buy gold if we see a breakout of the $1.290.00 with targets at $1.296.65 and $1.311.29.

The material has been provided by InstaForex Company -