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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Gold : analysis for March 01 , 2016

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Overview:

Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,248.35. In the daily time frame, I found a demand bar in an average volume. At this stage, selling looks risky. Our key MA`s are heading upwards (upward trend). The key resistance level is seen at $1,262.70. If the price breaks the level of $1,262.70 in a high volume, we may see potential testing of $1,307.00. According to 4H time frame, I found successful rejection from upward trendline at the price of $1,210.00. Demand overcame supply near upward trendline, which is a sign of strength. According to 1H time frame, we can observe selling climax in the background, which bring professional buyers on the market.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,243.20

R2: 1,248.00

R3: 1,256.00

Support levels:

S1: 1,226.40

S2: 1,221.00

S3: 1,113.00

Trading recommendations: Be careful when selling gold and watch for potential buying opportunities on dips.

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