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03.03.2014 03:38 PM
Overview:
Since our last analysis, gold has been trading upwards, the price tested the level of 1,350.09 on average volume. Our previous analysis is still active and buying at this stage looks risky. The Gold is around our critical resistance area at the price of 1,338.00. We got FR 61.8% at the price of 1,338.00 and if that level can hold, we may see potential bearish movements. According to daily chart, we can observe weak supply at the Friday bar, which is a sign that selling at this stage also looks risky. To confrim potential bearish correction, we need to see stronger supply on high volume. Otherwise, if the price breaks the level of 1,345.00 on higher volume, we may see testing the level of 1,1395.00-1,400.00 (Fibonacci expansion 161.8%). My advice is to watch for potential bearish movement if we see stronger supply on the market . I've placed Fibonacci levels to find potential down stations and I got submajor Fibonacci retracement 38.2% at the price of 1,307.00 and Fibonacci retracement 61.8% at the price of 1,280.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,338.71
R2: 1,340.39
R3: 1,343.10
Support levels:
S1: 1,333.29
S2: 1,331.61
S3: 1,328.90
Trading recommendation: Trading the metal, be careful with buying since Gold is around critical area and we are also on the high new ground.
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