How will the yellow metal trade on Monday? Have a look at today’s, 19 March Gold Price Analysis to gain insights on the direction of the safe haven.
19 March, ADS Securities – The precious metal extended its downtrend for the third consecutive session on Friday and closed at $1312.30, after making a low at $1309.50.
19 March Gold Price Analysis
As of now, the safe-haven commodity is trading below the short-term and long-term EMAs on the 1H chart, reflecting at a bearish technical picture for the coming session. Additionally, the MACD indicator is trading in its negative region, further elaborating the above outlook. Immediate support is positioned at the $1308 level, followed by the $1305 and $1301 levels.
A move back below the latter might lead to further bearish momentum in the coming session. On the flipside, intraday resistance is located at the $1315 level, followed by the $1318 and $1321 where the EMA 200 is placed. A surge above the latter might reverse the main trend to bullish.
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