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Gold : analysis for March 19, 2015

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Overview :


Since our last analysis, gold has been trading upwards. The price has tested the level of $1,177.64 in an ultra volume (buying climax). According to the 1H time frame, we have an ultra-high buying climax and a definite sign of weakness, so be careful when buying gold. My advice is to watch for potential selling opportunities after retracement. I have placed Fibonacci expansion to find potential support levels and I got Fibonacci expansion 61.8% at the price of $1,162.00.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,169.30


R2: 1,187.30


R3: 1,199.50


Support levels :


S1: 1,139.10


S2: 1,126.90


S3: 1,108.90


Trading recommendations: Watch for potential selling opportunities after a retracement.




The material has been provided by InstaForex Company - www.instaforex.com