FX.co ★ Daily analysis of GOLD for March 29, 2016

Overview

The gold price has not shown any strong moves since morning, still fluctuating around 1,220.00 and trading steadily below 23.6% Fibonacci level that forms a critical resistance at 1,227.40. Stochastic continues providing negative signals in the four-hour time frame. Therefore, we expect the bearish bias for the rest of the day; its targets begin by testing the next correction level. The continuation of the bearish correctional bias depends on the steady trading below 1,227.40 and 1,240.00 levels.

The expected trading range for today is between 1,193.00 support and 1,230.00 resistance.