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    Gold: analysis for March 24, 2015

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    Overview :

    Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,191.54 in an average volume. According to the 4H timeframe, we can observe that the price broke the lower channel which is a sign of bullish strength. Gold changed its trend's dynamic from bearish to bullish, so be careful when selling. Our submajor Fibonacci retracement 61.% at the price of $1,191.00 is on the test. If the price breaks the level of $1,191.00, we may see potential testing the level of $1,205.00 (major Fibonacci retracement 38.2%). Above $1,191.00, watch for potential buying opportunities on the dips.

    Daily Fibonacci pivot points:

    Resistance levels :

    R1: 1,190.51

    R2: 1,193.43

    R3: 1,198.17

    Support levels :

    S1: 1,181.03

    S2: 1,178.11

    S3: 1,173.837

    Trading recommendations: Watch for potential buying 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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