InstaForex - Analytics

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    Gold analysis for March 17th, 2016 2016-03-17

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    Since our last analysis, gold has been trading upwards. The price tested the level of $1,270.71 in an ultra high volume. I found re-validation of our upward channel. Strong resistance level is set at the price of $1,282.80. Watch for a potential breakout of resistance to confirm further upward continuation. If the price breaks the level of $1,282.80 in a high volume, we may see potential testing of $1,308.00. According to the 30M time frame, I found solid intraday buying point around the price of $1,262.00 (previous swing high became support). The intraday take profit level is set at the price of $1,278.00-$1,282.80.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,264.95

    R2: 1,273.75

    R3: 1,288.00

    Support levels:

    S1: 1,236.35

    S2: 1,227.50

    S3: 1,213.25

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


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