31/03/15 Gold ended lower for a second straight session


310315 XauUsd Daily

Gold ended lower for a second straight session, as renewing U.S. dollar strength and the target range of an interest rate hike later this year, sets the precious metal up for weakness. Additionally, the yellow metal saw month-end and quarter-end selling as it was headed for a second consecutive drop on the daily chart. As one can see, price is fading gradually as the precious complex ends the day in negative territory (- 1.4% ) closing low at 1,187.

310315 XauUsd H4

Pressured by good gains in the U.S. dollar, price action on the H4 chart has now crossed over the 20, 55 & 200 MA. Retreating from its key resistance zone at 1,220 late last week, the yellow metal’s inability to pierce through has leaves the metal vulnerable to weakness.A look at the Stoic. Oscillator show the precious metal on the downside, hesitating at the oversold region. Technically, gold bears have the near-term technical advantage and such could push the precious metal for a retreat toward the lower end of price action.

310315 XauUsd H1

Beginning the day around 1200 level, prices are weaker as consistent selling throughout the Asian, European and the US sessions pushed the metal to a low of 1,182. Gold’s recent price action could be creating a bearish technical pattern. If sustained decline below the 1,182 support level is seen, gold could be exposed to larger sell-off in the near term.

Trend Direction
 S3
S2
S1
R1
R2
 R3
 
Bearish 1,145 1,163 1,181 1,203 1,224 1,244

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