Analysis of gold for January 08, 2014
January 8, 2015 12:20 pmVideo
Latest News
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
- What’s next for markets amid Israel-Iran tensions? – Special Report April 16, 2024
- Technical Analysis – GBPUSD pulls back into the negative zone April 16, 2024
- Geopolitical developments and stronger US data push volatility to new highs across the board – Volatility Watch April 16, 2024
- Technical Analysis – AUDUSD breaks the lower bound of a sideways range April 16, 2024
- Video market update for April 16, 2024 April 16, 2024
Overview
:
Since
our last analysis, gold has been trading downwards. The price tested
the level of 1,204.57 in a volume below the average According to the
4H time frame, we can observe weak supply in a volume below the
average, which is a sign that selling gold at this stage looks risky.
I have placed Fibonacci retracement to find potential support levels
and I got Fibonacci retracement 38.2% at the price of 1,201.00 and
Fibonacci retracement 61.8% at the price of 1,189.00. Be careful when
selling gold and watch for potential buying opportunities on the
lows. According to the daily time frame, we can observe high churn
volume (high volume supply and weak price action).
Daily
pivot Fibonacci points:
Resistance
levels:
R1:
1,217.00
R2:
1,219.44
R3:
1,223.37
Support
levels:
S1:
1,209.14
S2:
1,206.70
S3:
1,202.77
Trading
recommendations: Watch for potential buying opportunities after
retracement (buy on the lows).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: