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Gold analysis for March 10, 2015

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Overview :

Since our last analysis, gold has been trading upwards. The price has tested the level of $1,170.31 in a high volume. The price rejected from the support level of $1,167.00. According to the M5 time frame, we can observe weak supply around the price of $1,164.00, which may cuase the price to retest highs at $1,170.00. Be very careful when selling gold at this stage since we may see a potential absorption volume. Any larger reaction from buyers may cofnrim further bullish phase. We have the first resistance around the price of $1,180.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,172.24

R2: 1,174.50

R3: 1,178.17

Support levels :

S1: 1,164.90

S2: 1,162.64

S3: 1,158.97

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
InstaForex Group © 2007-2015


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