Technical analysis of gold for March 24, 2017

The gold price has finally shown some reversal signs that we have been expecting for some time now. The pullback has started and I expect to see Gold price test support around $1,230-$1,220. My long-term view remains bullish.

Blue lines - support trend lines

The gold price has broken trend line support and both oscillators have turned lower showing that the correction phase has just started. I expect the gold price to move towards the Ichimoku cloud support and at least towards the 38% Fibonacci retracement. I expect Gold to make higher lows relative to $1,194.

The gold price is above the Ichimoku cloud on a daily basis. Price has made an important low at $1,194 and has reversed upwards. I expect the price to hold above the cloud and make a higher low before the resumption of the uptrend towards my short-term $1,300-$1,320 target. Support is at $1,220 and at $1,230.The material has been provided by InstaForex Company - www.instaforex.com