Gold 2015-03-16

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GOLD 1156

Drop pressure back to affect Gold

Market back to dump haven on Europe-Greek agreement while Russia-germany-france meeting over Ukrainian crises helped to dump haven more ; gold mid-term trend would be decided this week after FOMC release and Yellen speech as mentioned on the world news.

while market faced more drop pressure on Ukraine Cease-Fire Deal

while last week U.S labor market data add more drop pressure over Gold as U.S interest rate hike bets increased .

Last week ;market approached the 40s levels however the trading was not sustained at these levels more than a session of trading and the market has rebounded again to 50s levels ; So any break of the 1145 means more downward pressure targeting 1120s

On short-term the market on declining channel which market from upper level of that channel would drop further as shown on the chart

However , In longer -term :the downward trend still exist as long as market is trading below 1250 which 1,000 is the expected price .

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 1152 1165
Level 2 1148 1176
Level 3 1141 1182

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