3.11 Gold’s short-term signal resistance levels are mixed
Spot gold rebounded slightly in the Asian session on Tuesday (March 11) and is currently trading around $2,896.52 per ounce.
The technical signals of spot gold are a bit mixed. It has successfully stabilized near the support level of $2,879 per ounce and started to rebound. The focus on the resistance near 2,915 is on the top.
Between March 4 and March 7, a temporary top was formed in the range of $2,894 to $2,927. This indicates that the target is $2,861. However, after a brief confirmation, the top became invalid as the price of gold climbed above the neckline of the pattern at $2,894.
The rebound increases the possibility of resuming the upward trend from $2,832. A breakthrough of $2,909 will be seen as a strong signal to resume the upward trend.
Before the price of gold climbs above $2,915, the price of gold may still be biased to the downside, as the current rebound may just be a correction to the top, and the correction is a bit excessive.
On the daily chart, gold is also neutral in the range of $2891 to $2934, similar to the situation on the hourly chart.
When gold moves out of the range, the signal will become clearer. The wave pattern suggests that the market may experience a small decline first, followed by a strong rebound.
The technical signals of spot gold are a bit mixed. It has successfully stabilized near the support level of $2,879 per ounce and started to rebound. The focus on the resistance near 2,915 is on the top.
Between March 4 and March 7, a temporary top was formed in the range of $2,894 to $2,927. This indicates that the target is $2,861. However, after a brief confirmation, the top became invalid as the price of gold climbed above the neckline of the pattern at $2,894.
The rebound increases the possibility of resuming the upward trend from $2,832. A breakthrough of $2,909 will be seen as a strong signal to resume the upward trend.
Before the price of gold climbs above $2,915, the price of gold may still be biased to the downside, as the current rebound may just be a correction to the top, and the correction is a bit excessive.
On the daily chart, gold is also neutral in the range of $2891 to $2934, similar to the situation on the hourly chart.
When gold moves out of the range, the signal will become clearer. The wave pattern suggests that the market may experience a small decline first, followed by a strong rebound.
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