InstaForex - Analytics


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    Analysis of gold for March 31, 2016 2016-03-31


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    Since our last analysis, gold has been trading sideways at $1,233.00. A breakout of the $1,245.50 level is needed for continuation of upward movement. On the 30M time frame chart, I found selling climax in the background and successful testing of supply, which is the sign that professionals are interested in higher price. Watch for a successful breakout of $1,245.50 and then try to buy on the dips with the first target near the level of $1,259.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,240.50

    R2: 1,245.60

    R3: 1,253.90

    Support levels:

    S1: 1,224.15

    S2: 1,218.30

    S3: 1,210.00

    Trading recommendations for today: Watch for buying opportunities on the dips. Selling looks very risky.

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