empty
 
 
09.03.2015 01:50 PM
Gold analysis for March 09, 2015
This image is no longer relevant

This image is no longer relevant

Overview :

Since our last analysis, gold has been trading downwards. The price has tested the level of $1,163.63 in an ultra high volume (selling climax), according to the daily time frame. Our major Fibonacci retracement 61.8% at the price of $1,197.00 got broken. The price rejected from the support level of $1,167.00. According to the H4 time frame, we can observe demand in a volume below the average. Be very careful when selling gold at this stage since we may see a potential absorption volume. Any larger reaction from buyers may cofnrim further bullish phase. We have the first resistance around the price of $1,190.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,175.04

R2: 1,175.97

R3: 1,177.54

Support levels :

S1: 1,172.54

S2: 1,170.90

S3: 1,170.04

Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).


Summary
Urgency
Analytic
Petar Jacimovic
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback