Gold : analysis for March 25, 2015

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Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,196.03 in an average volume. According to the 4H timeframe, the price broke the lower channel. That 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 broken. Our next resistance level is seen around the price of $1,205.00 (major Fibonacci retracement 38.2%). Watch for potential buying opportunities on the dips.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,193.94

R2: 1,196.26

R3: 1,200.17

Support levels :

S1: 1,186.46

S2: 1,184.14

S3: 1,184.40

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

The material has been provided by InstaForex Company – www.instaforex.com

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