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17.03.2015 05:21 PM
Gold analysis for March 17, 2015

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Overview :

Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,142.59 in an ultra volume. Our support at the price of $1,142.00 was successfully tested. We can observe buying climax according to the 4H time frame. According to the 5-minute time frame, we have an ultra high buying climax and very weak demand later what is a sign that professional may sell gold at this stage. My advice is to watch for potential selling opportunities after a retracement. If the price breaks the level of $1,142.00 in a high volume, we may see a potential testing the level of $1,138.00 (Fibonacci expansion 100%).

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,160.62

R2: 1,163.62

R3: 1,169.27

Support levels :

S1: 1,149.92

S2: 1,146.62

S3: 1,141.27

Trading recommendations: Watch for potential selling opportunities after a retracement.


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