FX.co ★ Gold analysis for March 12, 2015

Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,166.41 in a high volume. I have placed Fibonacci retracement to find potential resistance and have got Fibonacci retracemen 61.8% at the price of $1,164.00 (successfully rejected). My advice is to watch for potential selling opportunities after a retracement. 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: 1,160.60

R2: 1,164.80

R3: 1,171.60

Support levels :

S1: 1,147.13

S2: 1,142.41

S3: 1,136.37

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