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    Gold analysis for March 23 , 2016 2016-03-23

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    Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,231.08. Our head and shoulders formation is still active and so far it is progressing. According to the 4H time frame, we can observe strong selling pressure in a high volume. Supply entered the market after strong rejection from the neckline and after we saw a strong sign of weakness on the 4H time frame bar. The intraday take profit level is set at the price of $1,225.60 (swing low) and the short term take profit level is set at the price of $1,214.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,251.50

    R2: 1,253.60

    R3: 1,256.95

    Support levels:

    S1: 1,245.00

    S2: 1,243.40

    S3: 1,239.70

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


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