FX.co ★ Gold analysis for March 11, 2016

Overview :

Since our last analysis was published, gold has been trading upwards. As I expected, the price tested the level of $1,283.33 in an ultra-high volume. In the daily time frame, I found a supply bar, which is a sign of strength. According to the 30M time frame, I found buying climax on a new high and strong reaction from sellers later on, which is a sign of weakness. Intraday buying looks very risky at this stage. Watch for potential selling opportunities on rallies. first significant support is set at the level of $1,237.25.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,274.70

R2: 1,282.80

R3: 1,296.35

Support levels:

S1: 1,247.30

S2: 1,238.65

S3: 1,255.35

Trading recommendations for today: be careful when buying gold and watch for selling opportunities on rallies.