Gold broke the short term bearish channel and is fluctuating now but may go higher to 1300. At this H4 chart the stochastic oscillator is overvalued. Price is moving around the bearish channel. Now the support lies at 1240 which might change soon if the price hit 1300$. Although in short term bulls may push the price to grow, a reverse to 1170 and 1100 is still expected. As the yesterday’s price fall was due to the strong USD, there is a slight chance that bulls stay active for now. Traders can go for short positions around 1250 and target 1190 while setting SL at 1273.
Technical analysis of Gold dated 22.03.2016
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