GOLD analysis for January 20, 2014
January 20, 2014 1:15 pmVideo
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Overview:
Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,261.23 on average volume
according to M30 timeframe.We can also observe that demand has entered the
market at 1,237.50 which caused the price to start bullish movement. Since the price has broken the level of 1,254.00, we may expect testing of smaller FE 100
% (1,270.00) and possible testing of major FE 100 % at 1,279.00-1,295.00. Do not
forget, gold is in bearish trend and we are now in bullish corrective phase. There
is also a chance that we may see testing of levels around 1,251.00-1,244.00, before
another bullish movement. Selling gold at this stage looks risky since gold is
in progress of bullish corrective phase, and we saw demand on the high volume
in the background. Watch for buying opportunities.
Daily pivot Fibonacci
points:
Resistance levels:
R1: 1,259.93
R2: 1,262.03
R3: 1,265.43
Support levels:
S1: 1,253.13
S2: 1,251.03
S3: 1,247.63
Trading recommendation: Trading the metal, be careful with
selling gold and try to catch bullish corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
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