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

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    Overview:

    Since our last analysis, gold has been trading upwards. The price tested the level of $1,245.73. In the daily time frame, I found a demand bar in a volume below the average. Intraday buying looks risky because I found a strong resistance cluster at the price of $1,246.00. We got few signs of potential distribution by professional market players.

    1. Massive buying climax in the backgorund

    2. Up-thrust strong sign of weakness

    3. Weak demand near climactic cluster

    Watch for potential selling opportunities on the rallies. First take profit is set around the price of $1,209.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,242.00

    R2: 1,247.70

    R3: 1,253.20

    Support levels:

    S1: 1,230.30

    S2: 1,226.00

    S3: 1,219.00

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


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