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    Gold analysis for February 17, 2016 2016-02-17


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    Since our last analysis, gold has been trading sideways at the level of $1,204.00. It seems like sellers had no power to break through our support level at $1,196.00. According to a daily time frame, I found a weak supply in a high volume, which is the potential sign of strength. I found that demand remained high, which is a sign that selling gold at this stage looks risky. I found Fibonacci retracement 38.2% at the level of $1,181.00 and Fibonacci retracement 61.8% at the level of $1,131.00. The trend is upward according to the intraday and short-term time frames. The level of $1,235.00 may provide strong resistance. The price is above all key MA`s. Our 10 SMA has been successfully held according to the daily time frame. Anyway, if the price continues to move lower, we may see potential testing of $1,181.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,225.40

    R2: 1,234.85

    R3: 1,250.00

    Support levels:

    S1: 1,195.00

    S2: 1,185.40

    S3: 1,170.00

    Trading recommendations: be careful when selling gold and watch for potential buying opportunities on dips.

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