04.03.201514:22 Forex Analysis & Reviews: Gold analysis for March 04, 2015

Long-term review

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Overview :

Since our last analysis, gold has been trading sideways around the price of $1,205.00. Our Fibonacci retracement 61.8% at the price of $1,202.00 is on the test. According to the 4H time frame, we can observe low volatility. My advice is to watch for potential buying opportunities. We have a resistance level around the price of $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: 1,212.03

R2: 1,216.71

R3: 1,224.627

Support levels :

S1: 1,196.91

S2: 1,192.93

S3: 1,184.67

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

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