GOLD analysis for February 19, 2014
February 19, 2014 12:35 pmVideo
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Overview:
Since our last analysis, gold has been trading upwards, the
price tested the level of 1,325.06 on high churn volume (weak demand). Gold is
still in major bullish corrective phase, but we may see possible end of that
bullish corrective phase. We can observe decreasing volume on upper leg,which
is a sign that we may see possible bearish movement. The price rejected from
our FR 61.8% (1,324.00) Be careful with buying at this stage since we have got
decreasing volume on upper leg and Gold is near high new ground. I placed
Fibonacci retracement levels to find possible down stations and i got FR 38.2%
at the price of 1,297.00 and FR61.8% at the price of 1,274.00. I also placed
Fibonacci expansion levels to find the very first down stations and i got FE
61.8% at the price of 1,313.00 and FE 100% at the price of 1,306.00. Our advice
is to watch for potential bearish movement.
Daily pivot Fibonacci points :
Resistance levels:
R1: 1,327.20
R2: 1,331.10
R3: 1,337.40
Support levels:
S1: 1,314.60
S2: 1,310.70
S3: 1,304.40
Trading recommendation: Trading the metal, be careful with
buying since we got decreasing volume on upper leg and Gold is near high new
ground.
The material has been provided by InstaForex Company – www.instaforex.com
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