20 March Gold Price Technical Outlook

Gold prices are firm as traders wait to gauge the path of US monetary policy for the rest of the year from the two-day Fed meeting that kicks off today. In order to get the best out of your trading day, you will need this 20 March Gold Price Technical Outlook.

20 March, ADS Securities – The precious metal registered modest gains in the previous session to close at $1317.80, after hitting a high at $1319.60.

20 March Gold Price Technical Outlook

As visible on the 1H chart, the safe haven commodity is trading below the short term and long term EMAs, indicating bearish momentum in the coming session. Additionally, the 1 H MACD has witnessed a signal line crossover from above, further affirming the above stance.

Key technical support is located at the $1314 level, followed by the $1305 and $1295 levels. A move back below the latter might trigger weakness in the commodity. On the contrary, key intraday technical barrier resides at the $1320 level followed by the $1325 and $1330 levels. A move back above the latter might lessen the bearish pressure.

ADS Securities Risk Disclaimer

This article was provided by analysts of ADS Securities.

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

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