InstaForex - Analytics

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    Gold analysis for March 29 , 2016 2016-03-29

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    Since our last analysis, gold has been trading sideways around the price of $1,218.00. Price is trading in defined trading range between the price of $1,223.50 (resistance) and the price of $1,208.00 (support). If the price breaks the support level of $1,208.00 we may see potential testing of $1,193.00 (major Fibonacci retracement 38.2%). From the other side, if price breaks the level of $1,223.00 (resistance), we may see potential testing of $1,240.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,225.40

    R2: 1,228.90

    R3: 1,234.50

    Support levels:

    S1: 1,214.00

    S2: 1,210.60

    S3: 1,205.00

    Trading recommendations for today:The market is moving sideways around the price of $1,220.00. Watch for successful breakout in a high volume to confirm further direction.


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