Since our last analysis, gold has been trading sideways, around the price of 1,316.00, we are still waiting for a larger movement. Our previous analysis is still active and we’ve got good progress. According to the daily chart, we can observe demand bar on volume above the average, which is a sign that selling at this stage still is not safe option. Our Fibonacci retracement 38.2% at the price of 1,321.00 held successfully, which is the first good sign for the potential beartish continuation and the end of the bullish corrective phase. Anyway, If the price breaks the level of 1,321.00 on high volume, we may see possible testing the level of 1,348.00 (Fibonacci retracement 61.8%) before any larger supply. According to the short-term prospective, Gold is in progress of major bearish corrective phase and I’ve placed Fibonacci Retracement to find the first down station. I’ve got Fibonacci Retracement 61.8% at the price of 1,263.00. If the price breaks the level of 1,279.00 on higher volume, we may see testing the level of 1,263.00. My advice is to watch for selling opportunities after retracement. Any larger supply on high volume may confirm further bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,323.43
R2: 1,326.67
R3: 1,331.90
Support levels:
S1: 1,312.97
S2: 1,309.73
S3: 1,304.50
Trading recommendation: Trading the metal, be careful with short-term buying at this stage since gold is in progress of major bearish corrective phase. Watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading sideways,
around the price of 1,316.00, we are
still waiting for a larger movement. Our previous analysis is still active and we’ve
got good progress. According to the daily chart, we can observe demand bar on
volume above the average, which is a sign that selling at this stage still is not
safe option. Our Fibonacci retracement 38.2% at the price of 1,321.00 held
successfully, which is the first good sign for the potential beartish continuation
and the end of the bullish corrective phase. Anyway, If the price breaks the level
of 1,321.00 on high volume, we may see possible testing the level of 1,348.00 (Fibonacci
retracement 61.8%) before any larger supply. According to the short-term
prospective, Gold is in progress of major bearish corrective phase and I’ve
placed Fibonacci Retracement to find the first down station. I’ve got Fibonacci
Retracement 61.8% at the price of 1,263.00. If the price breaks the level of
1,279.00 on higher volume, we may see testing the level of 1,263.00. My advice
is to watch for selling opportunities after retracement. Any larger supply on
high volume may confirm further bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,323.43
R2: 1,326.67
R3: 1,331.90
Support levels:
S1: 1,312.97
S2: 1,309.73
S3: 1,304.50
Trading recommendation: Trading the metal, be careful with
short-term buying at this stage since gold is in progress of major bearish
corrective phase. Watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: