How is the yellow metal currently trading on Friday? What are the 16 March Gold Price Analysis? Let us see how ADS Securities’ analysis will answer these questions.
16 March, ADS Securities – In the previous session, the safe haven commodity finished in negative territory, as strength in the greenback dampened the demand appeal for the dollar-denominated commodity.
16 March Gold Price Analysis
As of now, the yellow metal is trading with an upside bias on the 1H chart, reflecting at a bullish technical outlook for the near term. Similarly, the MACD indicator has recently crossed the signal line from below, further endorsing the above view.An important technical obstacle is situated at the $1320 level, followed by the $1324 and $1327 levels.
A surge above the latter might turn the main trend to bullish. On the other hand, key technical support is witnessed at the $1312 level, followed by the $1309 and $1305 levels. A move back below the latter might lead to increased selling pressure on the precious metal.
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