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    Gold analysis for March 14, 2016 2016-03-14

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    Since our last analysis was published, gold has been trading downwards. As I expected, the price tested the level of $1,247.83 in an average volume. In the daily time frame, we can observe weak supply, which is a sign of strength. In the M30 time frame, I found a strong support zone ((high volume zone) around the level of $1,249.00. I have placed Fibonacci expansion to find potential upward target and resistance level. I got Fibonacci expansion 61.8% at the level of $1,276.50. Watch for potential buying opportunities on dips.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,254.35

    R2: 1,255.60

    R3: 1,257.70

    Support levels:

    S1: 1,250.30

    S2: 1,248.90

    S3: 1,246.90

    Trading recommendations for today: be careful when selling gold, watch for buying opportunities on dips.


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