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Gold analysis for March 13, 2015

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Overview :


Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,151.22 in a high volume. I have placed Fibonacci retracement to find potential resistance and have got Fibonacci retracement 61.8% at the price of $1,164.00 (successfully tested). My advice is to watch for potential selling opportunities after a retracement. According to the H4 time frame, we can observe supply in a high voume. If the price breaks the level of $1,150.00 (the long-term support), we may see a potential testing of the level of $1,143.00 and $1,139.00.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,161.98


R2: 1,166.28


R3: 1,173.23


Support levels :


S1: 1,148.08


S2: 1,143.78


S3: 1,136.83


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




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