InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Gold analysis for March 02, 2016 2016-03-02

    GOLDM15.png02.png

    Show full picture
    GOLDDaily.png02.png

    Show full picture

    Overview:

    Since our last analysis, gold has been trading downwards. The price tested the level of $1,224.56. In the daily time frame, I found a supply bar in an average volume. Intraday selling looks risky because I found selling climax and a successful test. Anyway, according to the daily time frame, we still have active buying climax that stopped gold from going further upwards, which is a sign that buying gold at this stage on short-term perspective looks risky. Our key MA`s are heading upwards (uptrend). The key resistance level is seen at $1,262.70. If the price breaks the level of $1,262.70 in a high volume, it will confirm potential testing of $1,307.00. Intraday resistance level is set at the price of $1,236.00. My advice is to watch for potential buying opportunities on an intraday basis, but it is very risky to buy gold on short-term prospective at this stage due to buying climax in the background.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,244.00

    R2: 1,248.70

    R3: 1,256.00

    Support levels:

    S1: 1,229.30

    S2: 1,224.70

    S3: 1,217.30

    Trading recommendations for today: 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