FX.co ★ Gold: analysis for March 24, 2015

Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,191.54 in an average 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. Our submajor Fibonacci retracement 61.% at the price of $1,191.00 is on the test. If the price breaks the level of $1,191.00, we may see potential testing the level of $1,205.00 (major Fibonacci retracement 38.2%). Above $1,191.00, watch for potential buying opportunities on the dips.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,190.51

R2: 1,193.43

R3: 1,198.17

Support levels :

S1: 1,181.03

S2: 1,178.11

S3: 1,173.837

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