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Gold: analysis for March 05, 2015

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Overview :

Since our last analysis, gold has been trading downwards. The price has tested the level of $1,197.00 in a volume below the average. Our major Fibonacci retracement 61.8% at the price of $1,197.00 is again on the test. According to the 1H time frame, we can observe support (cluster) around the price of $1,197.00.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 the daily time frame, we have a weak supply bar in a volume below the average.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,206.96

R2: 1,213.03

R3: 1,217.66

Support levels :

S1: 1,196.26

S2: 1,191.63

S3: 1,185.56

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 MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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