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    Gold analysis for March 07, 2016 2016-03-07

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    Overview :

    Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,279.67. Anyway, in the daily time frame, I found a a supply bar (up thrust), which is a sign of weakness. Intraday buying at this stage looks risky. According to the the 4H time frame, I found a massive volume spike with very wide spread of the bar (buying climax, which is a strong sign of weakness). Intraday downward stations are set at the price of $1,258.00 and $1,250.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,267.00

    R2: 1,274.00

    R3: 1,285.00

    Support levels:

    S1: 1,244.20

    S2: 1,237.10

    S3: 1,225.50

    Trading recommendations for today: Be careful when buying gold at this stage and watch for potential intraday selling opportunities.


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