Gold: analysis for June 10, 2015
June 10, 2015 12:30 pmVideo
Latest News
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024. April 19, 2024
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
Overview:
Gold has been trading upwards. The price tested the level of $1,189.47 in a high volume. In the daily time frame, we can observe a demand bar in a volume below the average (weak demand). The price broke the key support level around $1,185.00. Selling looks very risky at this stage. Also, our main supply trendline got broken. My advice is to watch for potential buying opportunities on dips. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% (on the test) at $1,189.00, Fibonacci retracement 50% at $1,198.00, and Fibonacci retracement 61.8% at $1,205.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,181.25
R2: 1,183.75
R3: 1,187.75
Support levels:
S1: 1,173.25
S2: 1,170.70
S3: 1,165.00
Trading recommendations: strong support at the level of $1,185.00 is broken in the background. Selling looks very risky. My advice is to watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: