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    Gold analysis for March 17, 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 $1,142.59 in an ultra volume. Our support at the price of $1,142.00 was successfully tested. We can observe buying climax according to the 4H time frame. According to the 5-minute time frame, we have an ultra high buying climax and very weak demand later what is a sign that professional may sell gold at this stage. My advice is to watch for potential selling opportunities after a retracement. If the price breaks the level of $1,142.00 in a high volume, we may see a potential testing the level of $1,138.00 (Fibonacci expansion 100%).

    Daily Fibonacci pivot points:

    Resistance levels :

    R1: 1,160.62

    R2: 1,163.62

    R3: 1,169.27

    Support levels :

    S1: 1,149.92

    S2: 1,146.62

    S3: 1,141.27

    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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