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    Analysis of gold for March 10, 2016 2016-03-10

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    Overview :

    Since our last analysis was published, gold has been trading downwards. As I expected, the price tested the $1,236.95 level in a high volume. In the daily time frame, I found a neutral bar, which is a sign of strenght, and an upward trendline, which was held successfully. Intraday selling looks risky at this stage. On the H4 time frame chart, I found bullish engulfing pattern.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,258.85

    R2: 1,262.40

    R3: 1,268.25

    Support levels:

    S1: 1,247.25

    S2: 1,243.65

    S3: 1,237.85

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


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