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06.03.201513:24 Forex Analysis & Reviews: Gold analysis for March 06, 2015

Long-term review

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Overview :

Since our last analysis, gold has been trading sideways around the price of $1,196.00. Our major Fibonacci retracement 61.8% at the price of $1,197.00 is on the test again. According to the H1 time frame, we can observe support (cluster) around the price of $1,197.00 (potential accumulation phase). My advice is to watch for potential buying opportunities. We have a resistance level around the price of $1,208.00 and $1,235.00 (Fibonacci retracement 38.2%). According to the daily time frame, we have a weak supply bar in a volume below the average.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,205.30

R2: 1,208.40

R3: 1,213.40

Support levels :

S1: 1,195.30

S2: 1,192.20

S3: 1,187.20

Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).

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