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    Gold analysis for March 16, 2015

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    Overview :

    Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,150.26 in a high volume. I have placed Fibonacci retracement to find potential resistance and have got Fibonacci retracement 61.8% at the price of $1,164.00 (successfully tested for the second time). My advice is to watch for potential selling opportunities after a retracement. According to the H4 time frame, we can observe supply in a high voume. If the price breaks the level of $1,150.00 (the long-term support), we may see a potential testing of the level of $1,143.00 and $1,139.00.

    Daily Fibonacci pivot points:

    Resistance levels :

    R1: 1,157.38

    R2: 1,158.36

    R3: 1,159.17

    Support levels :

    S1: 1,155.16

    S2: 1,154.748

    S3: 1,153.37

    Trading recommendations: Watch for potential selling opportunities after a retracement.


    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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