empty
 
 
06.03.2017 02:32 PM
Gold analysis for March 06, 2017

This image is no longer relevant

Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,229.97. According to the 1H time frame, I found a bullish divergence on the moving average oscillator, which is a sign that selling looks risky. There is also a divergent bar, which is another sign of a potential strength. My advice is to watch for potential intraday buying opportunities. I have placed Fibonacci expansion to find potential targets. The first target is set at the price of $1,239.00 and the second target is set at the price of $1,243.35.

Resistance levels:

R1: $1,237.40

R2: $1,238.50

R3: $1,240.25

Support levels:

S1: $1,233.85

S2: $1,232.75

S3: $1,230.95

Trading recommendations for today: watch for potential buying opportunities due to bullish divergence in the background.

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 $10000 more!
    In January we raffle $10000 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