InstaForex - Analytics

    InstaForex

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    Gold analysis for February 24, 2016 2016-02-24

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    Overview:

    Since our last analysis, gold has been trading upwards. The price tested the level of $1,239.06. Our support at $1,196.00 successfully held again. In the daily time frame, I found a demand bar in an average volume. At this stage selling looks risky. According to the H4 time frame, I found a failed attempt from sellers to absorb buying climax in the background. Our key MA`s are heading upwards (upward trend). The key resistance level is seen at $1,262.70. If the price breaks the level of $1,262.70 in a high volume, we may see potential testing of $1,307.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,233.80

    R2: 1,240.00

    R3: 1,249.00

    Support levels:

    S1: 1,214.00

    S2: 1,208.00

    S3: 1,198.50

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


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