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    Gold analysis for March 08, 2016 2016-03-08

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    Overview :

    Since our last analysis, gold has been trading sideways at the price of $1,272.00. In the daily time frame, I found a supply bar (upthrust), which is a sign of weakness and sluggish demand. Intraday buying looks risky at this stage. According to the H4 time frame, I found a massive volume spike with a very wide-spread bar (buying climax - strong sign of weakness). Intraday downward stations are set at the prices of $1,262.00 and $1,253.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,271.75

    R2: 1,274.00

    R3: 1,279.50

    Support levels:

    S1: 1,262.00

    S2: 1,259.00

    S3: 1,254.00

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


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