FX.co ★ Technical analysis of gold for March 15, 2017

Gold is trading sideways between $1,211 and $1,194. Price has exited the bearish channel but has not made any meaningful progress to the upside. Price is expected to have increased volatility today after the conclusion of the FOMC.

Blue lines - trading range

Gold price continues to trade below the Ichimoku cloud. In Ichimoku terms, trend remains bearish. However, Gold price has reached the $1,200 after rising to $1,263, and this correction could very well be over. Gold is now just waiting for the FOMC meeting tonight as a catalyst for a spike higher and reversal its short-term trend. Bulls need to break above $1,230-40 for a trend change. Bears need to break below $1,190 and remain below it.

Gold daily chart is right on support. Price is touching the Ichimoku cloud and is showing signs of a bounce. Daily resistance is at $1,215 and next at $1,230. There are a lot of chances that Gold price makes an equally important reversal from current levels as the reversal it made at $1,122.