20.03.201517:33 Forex Analysis & Reviews: Gold analysis for March 20, 2015

Long-term review

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Overview :

Since our last analysis, gold has been trading upwards. The price has tested the level of $1,184.04 in a very high volume. According to the 4H timeframe, we can observe that the price broke the lower channel which is a sign of bullish strength. Gold changed its trend's dynamic from bearish to bullish, so be careful when selling. I have placed Fibonacci retracement to find potenteial resistance levels and have got Fibonacci retracement 61.8% at the price of $1,191.00. Watch for potential buying opportunities on the dips.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,175.23

R2: 1,179.57

R3: 1,186.50

Support levels :

S1: 1,161.17

S2: 1,156.83

S3: 1,149.80

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

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