Gold technical analysis overview for March 2021

On the monthly chart, after ending February with a strong bearish candle, it shows that the selling pressure is still dominating with the information coming from the USD strongly increasing in the context of US bond yields. go to high place. The US economic outlook is brightly assessed. In general, fundamental and technical analysis is in favor of the next decline in gold, here I have drawn a long-term downside target for gold to be 1500-1600. On the H4 chart it can be seen that the price at the beginning of the week is recovering and I have drawn fibo to determine where the recovery span can be reached, here in my opinion, the price can recover to the 38.2-50 fibo zone. is resistance in the past. To be safe, we can wait for the price to rise to this zone and close the candle to give a bearish signal, then entering the order will be low risk. The specific signal I will update with proper levels.

Monthly Chart

Weekly Chart

:closed_book: Gold comments on March 31, 2021:

:bangbang: Ending the session yesterday, gold precious metal had another strong decline session when from 1714 to 1678 ($ 36) tested the “old bottom” earlier this month on March 8, 2021. This is the 4th time in nearly a year that the world gold price has re-tested this support zone. In my personal opinion, the possibility that gold precious metal will have a recovery span going up after retesting this strong support price zone.

  • Considering on the daily chart timeframe, it is clear that the gold precious metal is currently approaching the strong support price zone from April 2020 until now that it has not been broken. And we need to keep an eye on whether the price of Gold will break or not. In my opinion, if it ends today, if the price of Gold stands firm above 1686, there will be strong rebounds going up again. If it breaks through this 1675-1678 price range, the possibility of further declines is inevitable.
  • On the timeframes, there are strong downward pressures, but in my opinion, we should consider prioritizing buying gold precious metals rather than researching to sell with the SL level is not too long at 1669. Item Expectations I am heading towards 1700-1705 during today’s trading session.

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Comment on Gold on April 5, 2021:

:bangbang: Ending last week’s session, gold precious metal closed the week with a very strong candlestick that covered all strong selling force at the beginning of last week. Along with that on the timeframe of the gold precious metals date chart, it has bounced up very strongly on the last 2 days of the week so in my opinion it is highly likely that this rally will continue this week.

  • Considering on the H4 timeframe, we see that the precious metal Gold is about to hit the short-term trendline channel from March 18, 21 onwards as well as the resistance at 1730-1734, so I expect the price. Gold is likely to be adjusted after 2 days of the last weekend, increasing sharply. The first possibility that precious metals will recover around the 1718-1720 price range, but my expectation Gold can retrace further could be 1710. Around this price range is the ideal price range for us to establish a state buying with gold precious metal with a target of 174x over the next few days.
    GOLD Signal