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GOLD eyes 1200/1197 targets after completion of consolidation phase

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GOLD Spot Gold consolidates above fresh session low at 1208, where it met initial target of Fibo 138.2% projection of the downleg from 1270 (17 Mar lower top). Structure of near-term technicals maintains firm bearish tone and favors further easing on completion of consolidative phase. Initial resistance lies at 1220 (Fibo 23.6% of 1259/1208 downleg), followed by hourly lower platform at 1225, also former base, below which consolidation should be ideally capped. Fresh weakness through 1208

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