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Analysis of gold for March 15, 2016

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Since our last analysis was published, gold has been trading downwards. The price tested the $1,225.58 level in an average volume. It can be seen in the daily time-frame chart that the price broke the upward trendline (support) and confirmed potential continuation of a downward trend. In the 4H time-frame chart, I found broken trendline and we may expect potential testing of $1,240.00. Take profit level is set at $1,192.50. Watch for potential selling opportunities on the rallies.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,252.10

R2: 1,257.60

R3: 1,266.65

Support levels:

S1: 1,234.15

S2: 1,228.60

S3: 1,219.65

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

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