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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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Daily analysis of Gold for March 08, 2017

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Overview

Gold price tests 38.2% Fibonacci correction level that formed critical support at $1,211.30 as we mentioned this morning. We depend on the stability above this level to prefer the bullish trend for today. Now we expect the metal to regain the main bullish trend. Positive targets are seen from $1,231.13. Therefore, the scenario suggested this morning will remain valid unless the price breaches $1,211.30 and holds below it. In this case, breaking this level will push the price downward to visit the next correctional level at $1,195.28. The expected trading range for today is between $1,211.30 support and $1,231.13 resistance.

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