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Gold analysis for March 14, 2016

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Since our last analysis was published, gold has been trading downwards. As I expected, the price tested the level of $1,247.83 in an average volume. In the daily time frame, we can observe weak supply, which is a sign of strength. In the M30 time frame, I found a strong support zone ((high volume zone) around the level of $1,249.00. I have placed Fibonacci expansion to find potential upward target and resistance level. I got Fibonacci expansion 61.8% at the level of $1,276.50. Watch for potential buying opportunities on dips.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,254.35

R2: 1,255.60

R3: 1,257.70

Support levels:

S1: 1,250.30

S2: 1,248.90

S3: 1,246.90

Trading recommendations for today: be careful when selling gold, watch for buying opportunities on dips.

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