InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Gold : analysis for February 29 , 2016 2016-02-29

    GOLDDaily.png29.png

    Show full picture

    GOLDH4.png29.png

    Show full picture

    Overview:

    Since our last analysis, gold has been trading sideways at the price of $1,233.00. In the daily time frame, I found a supply in a volume below the average, 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. According to 4H time frame, I found successful rejection from upward trendline at the price of $1,210.00. Demand overcame supply near upward trendline, which is a sign of strength.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,233.25

    R2: 1,224.93

    R3: 1,227.60

    Support levels:

    S1: 1,217.95

    S2: 1,216.30

    S3: 1,123.50

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


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree