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    Gold analysis for February 23, 2016 2016-02-23

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    Overview:

    Since our last analysis, gold has been trading sideways at the price of $1,215.00. Our support at the price of $1,196.00 is on the test. In the daily time frame, I found a supply bar in an average volume. At this stage buying looks risky. According to the H4 time frame, I found buying climax in the background, which is a sign that buying looks risky. Besides, we can observe weak demand in low volume around the price of $1,220.00. I have placed Fibonacci expansion to find potential support levels and downward targets and got Fibonacci expansion 61.8% at the price of $1,195.00, Fibonacci expansion 100% at the price of $1,168.00, and Fibonacci expansion 161.8% at the price of $1,123.00. Watch for a potential breakout of $1,191.00 to confirm further downward side.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,221.60

    R2: 1,227.00

    R3: 1,235.40

    Support levels:

    S1: 1,204.00

    S2: 1,198.50

    S3: 1,189.60

    Trading recommendations: Be careful when buying gold and watch for potential selling opportunities on rallies.


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