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    Gold analysis for March 06, 2015


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    Overview :

    Since our last analysis, gold has been trading sideways around the price of $1,196.00. Our major Fibonacci retracement 61.8% at the price of $1,197.00 is on the test again. According to the H1 time frame, we can observe support (cluster) around the price of $1,197.00 (potential accumulation phase). My advice is to watch for potential buying opportunities. We have a resistance level around the price of $1,208.00 and $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: 1,205.30

    R2: 1,208.40

    R3: 1,213.40

    Support levels :

    S1: 1,195.30

    S2: 1,192.20

    S3: 1,187.20

    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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