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Gold analysis for March 02, 2016 2016-03-02

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,224.56. In the daily time frame, I found a supply bar in an average volume. Intraday selling looks risky because I found selling climax and a successful test. Anyway, according to the daily time frame, we still have active buying climax that stopped gold from going further upwards, which is a sign that buying gold at this stage on short-term perspective looks risky. Our key MA`s are heading upwards (uptrend). The key resistance level is seen at $1,262.70. If the price breaks the level of $1,262.70 in a high volume, it will confirm potential testing of $1,307.00. Intraday resistance level is set at the price of $1,236.00. My advice is to watch for potential buying opportunities on an intraday basis, but it is very risky to buy gold on short-term prospective at this stage due to buying climax in the background.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,244.00

R2: 1,248.70

R3: 1,256.00

Support levels:

S1: 1,229.30

S2: 1,224.70

S3: 1,217.30

Trading recommendations for today: Be careful when selling gold and watch for potential buying opportunities on dips.



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