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21.03.201607:57 Forex Analysis & Reviews: Technical analysis of Gold for March 21, 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.03.2016 analysis

Technical outlook and chart setups:

Gold is trading lower at $1,245.00/46.00 levels at this moment, looking to accelerate its drop towards $1,210.00 and $1,190.00 levels subsequently. The metal has no critical support before $1,225.00 levels now and a break below $1,220.00 would be more encouraging to bears. Please note that the yellow metal is expected to drop in a corrective manner before resuming its rally. The expected levels for a bottom formation are $1,190.00 and subsequently $1,140.00 levels respectively. It is hence recommended to hold on to short positions, with risk at $1,273.00 levels for now. Immediate resistance is seen at $1,271.00 levels, followed by $1,283.00 while support is seen through $1,220.00 levels respectively.

Trading recommendations:

Remain short for now, stop at $1,275.00, target is $1,190.00 at least.

Good luck!

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