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.
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