It has been a rough month for April gold futures. Prices is well of of February highs and looking for downside support on the weekly chart. Price bounced off of the weekly Bollinger MP during Frieday's seesion. A pronounced sell off may be on the way to the 1300.00 handle, given Wednesday's meeting of the FED.
here are three areas of downside support to be aware of for the remainder of March.
Support 1: Bollinger MP, 1313.6
Support 2: Swing Low, 1303.6
Support 3: Psyche level, 1300.0
The runup of late 2017 appears to be giving way to retracement. In my mind the key number here is 1300.0. if we see a continued recovery in the U.S equities indices amid a FED rate hike, gold will be poised to resume the bearish action in coming weeks.
This week is a big one for the markets. Buckle up and get ready for opportunity across the forex, metals and equities asset classes.