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    Analysis of gold for March 15, 2016 2016-03-15

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    Since our last analysis was published, gold has been trading downwards. The price tested the level of $1,225.58 in an average volume. It can be seen in the daily time frame chart, that the price broke the upward trend line (support) and confirmed potential continuation of a downward trend. In the H4 time frame, I found a broken trend line, and we may expect potential testing of $1,240.00. Take profit is set at $1,192.50. Watch for potential selling opportunities on rallies.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,252.10

    R2: 1,257.60

    R3: 1,266.65

    Support levels:

    S1: 1,234.15

    S2: 1,228.60

    S3: 1,219.65

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


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