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    Gold analysis for March 11, 2016 2016-03-11

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    Overview :

    Since our last analysis was published, gold has been trading upwards. As I expected, the price tested the level of $1,283.33 in an ultra-high volume. In the daily time frame, I found a supply bar, which is a sign of strength. According to the 30M time frame, I found buying climax on a new high and strong reaction from sellers later on, which is a sign of weakness. Intraday buying looks very risky at this stage. Watch for potential selling opportunities on rallies. first significant support is set at the level of $1,237.25.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,274.70

    R2: 1,282.80

    R3: 1,296.35

    Support levels:

    S1: 1,247.30

    S2: 1,238.65

    S3: 1,255.35

    Trading recommendations for today: be careful when buying gold and watch for selling opportunities on rallies.


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