28 Feb Thursday

Daily Outlook 28 FEB Thursday  

Gold pretty much pared the gains yesterday it made the previous day.78.6% level, 38719 was broken but not held, means this level is going to act as a resistance for now. If looked at daily chart, a dark cloud cover has formed which is a Bearish signal but price, in my opinion, needs to close below previous day low of 38198 to support this view. In 1hr chart the trend established since 21 Feb is broken yesterday, another Bearish view. Indicators used are signaling non-trend momentum. So, just looking at it and doing more studying and research and all. Good day to all :)