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    Gold analysis for March 21 , 2016 2016-03-21

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    Since our last analysis, gold has been trading downwards. As I expected, the price tested and reached our first take profit level at $1,242.00 (Fibonacci expansion 161.8%). Downward pressure started because of strong head and shoulders formation from the top and successful breakout of the neckline. Volume confirmed the HSS pattern and that is a reason for selling pressure on the market. The second take profit level is set at the price of $1,230.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,255.95

    R2: 1,256.70

    R3: 1,257.80

    Support levels:

    S1: 1,253.40

    S2: 1,252.60

    S3: 1,251.40

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


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