FX.co ★ Gold analysis for March 11, 2015

Overview :

Since our last analysis, gold has been trading downwards. The price has tested the level of $1,149.76 in a high volume. I have placed Fibonacci expansion to find potential support levels and have got Fibonacci expansion 100% at the price of $1,150.22 and Fibonacci expansion 161.8% at $1,137.80. My advice is to watch for potential selling opportunities after a retracement. We have resistance around the price of $1,155.00 according to current price action. If the price breaks the level of $1,150.00 (the long-term support), we may see even $1,047.00 (the long-term support).

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,167.21

R2: 1,170.93

R3: 1,176.97

Support levels :

S1: 1,155.13

S2: 1,151.41

S3: 1,145.37

Trading recommendations: Watch for potential selling opportunities after retracement.