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    Gold analysis for March 03, 2015


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    Overview :

    Since our last analysis, gold has been trading downwards. The price has tested the level of $1,195.27. We can observe a successful rejection from our Fibonacci retracement 61.8% at the price of $1,203.00. According to the 30M time frame, we have absorption volume in the background, which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities. We have a resistance level around the price of $1,235.00 (Fibonacci retracement 38.2%). According to a daily time frame, we have demand in a volume above the average.

    Daily Fibonacci pivot points:

    Resistance levels :

    R1: 1,218.98

    R2: 1,223.42

    R3: 1,230.60

    Support levels :

    S1: 1,204.62

    S2: 1,200.18

    S3: 1,193.03

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

    Petar Jacimovic neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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