Weekly Technical Outlook 11Mar - 15Mar

Our weekly technical outlook remains unchanged. Gold traded in a tight range of 38275 and 37750 all week . Near term outlook remains Bearish and recent fall from 43355 is still expected to continue. Below 37250 level will target 36000 psychological level. Look very carefully for a bottoming signal in this zone. Meanwhile, a break and hold of current resistance of 39000 will indicate a short term bottoming at the levels mentioned above and bring a rebound. To get to 39000 level it will first have to break this upper limit of the channel at 38275 and hold first. Since the price has fought back its way into the bigger declining channel and seems to be holding as seen in the image, chances are it might test 39000 level. A break of 41000 psychological level is needed to indicate reversal or the risk remains for downside.

Happy and Safe Trading :)