- Price closed the week at the lows. Price broke crucial support zone of 175.
- Daily time frame is also staying well below 200 SMA.
- Daily is likely to give the death cross soon with 50 SMA moving below 200 SMA.
- Any bounce towards these moving averages are likely to face stiff resistance from bears.
- Hourly bearish momentum will stay intact below ichimoku cloud.
March 25, 2018
- Gold had a bearish descending triangle and a Rounding top pattern. Both were bearish patterns but Gold decided to move in favour of bulls.
- But this up move may find resistance both in Daily and weekly time frame. Resistance in daily is around 1365 and Week shows possible move up to 1377 levels. Bigger moves only if these levels are crossed on closing basis.