26 Mar Tuesday Daily Outlook

Previously mentioned support 38725 could not hold the price yesterday as sentiment improved on Cyprus reaching a deal and avoided its financial meltdown. For now, it seems to be resolved but looking at news many key players don't seem to be happy with it.

Gold opened 38736, went high 38905, got low 38338 and closed at 38719, giving us pretty much a dozi candle which indicates uncertainty in the market.

On upside, 39000 level has proven to be a tough resistance for now that is containing the price from further upward move. On downside we may have 38600, 38300 levels as supports, given up on which, price may further slip below.

For today, sentiment feels Bearish but there are multiple support levels in place to be broken.

Let's see how it goes. Happy Trading :)