Outlook 01 Mar Fri

Daily Outlook

Gold closed lower another day opening at 38505 and closing at 38112. Interesting fact, for me, is it lost (393/10gms) pretty much as much as the day before (398/10gms).

Bearish view remains intact as of yesterday. In addition, the level 38200 is now broken. If the market follows yesterday's selling, price could test a low of 37475 and beyond. Waiting for this channel shown in the picture to be broken and held for further downside move for now.
On upside, 38300 and 38500 are the levels the price will have to deal with and break for further upside-move.
Happy Trading :)