InstaForex - Analytics

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    Gold analysis for February 26, 2016 2016-02-26

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    Overview:

    Since our last analysis, gold has been trading sideways at the price of $1,234.00. In the daily time frame, I found a demand bar with a weak close, but in a high volume, which means that demand is still observed. At this stage, selling looks risky. 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. In the M30 time frame, I found a fake breakout of an upward trend line, which is a sign of strength.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,239.65

    R2: 1,241.80

    R3: 1,245.00

    Support levels:

    S1: 1,232.50

    S2: 1,230.00

    S3: 1,126.80

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


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