Gold analysis for May 09 , 2016
May 9, 2016 11:30 amVideo
Latest News
- Technical Analysis – Are there any bullish signals in the US 500 index? June 3, 2024
- Analysis of GBP/USD pair on June 3rd. The British pound could not help but take advantage of the situation June 3, 2024
- Technical Analysis – USDCHF builds base around 0.9000 June 3, 2024
- EUR/USD. What to expect from the ISM index in the US? June 3, 2024
- USD/JPY: Simple trading tips for beginners on June 3rd (US session) June 3, 2024
- GBP/USD: Simple trading tips for beginners on June 3rd (US session) June 3, 2024
- EUR/USD: Simple trading tips for beginners on June 3rd (US session) June 3, 2024
- GBP/USD: trading plan for the US session on June 3rd (analysis of morning deals). The pound collapsed after a weak report June 3, 2024
- EUR/USD: trading plan for the US session on June 3rd (analysis of morning deals). The euro fell after weak PMI indices June 3, 2024
- Weekly Technical Outlook: 03/06/2024 – USDJPY, EURUSD, USDCAD June 3, 2024
- EUR/USD. June 3rd. Bulls are not retreating and await support from the US June 3, 2024
- GBP/USD. June 3rd. Bears remain weak, while the pound rises alongside the euro June 3, 2024
- Weekly Technical Outlook – USDJPY, EURUSD, USDCAD June 3, 2024
- Technical Analysis – USDJPY battles with 50-SMA June 3, 2024
- Bank of Canada edges closer to rate cut but will it be in June? – Preview June 3, 2024
- EUR/USD and GBP/USD: Technical analysis on June 3 June 3, 2024
- Market Comment – Steady start as markets digest data ahead of rate decisions and NFP June 3, 2024
- ECB to make the first move – Preview June 3, 2024
- USD/JPY: trading tips for beginners for European session on June 3 June 3, 2024
- GBP/USD: trading tips for beginners for European session on June 3 June 3, 2024
Since our previous analysis, gold has been moving downwards. The price tested the level of $1,273.57 in a high volume. According to the 1H time frame, I found a buying climax in the background (volume spike) and strong reaction from sellers, since they absorbed an upward movement. I have placed Fibonacci expansion to find potential downward stations. I got Fibonacci expansion 61.8% at the price of $1,274.00 (on the test), Fibonacci expansion 100% at the price of $1,260.50 and Fibonacci expansion 161.8% at the price of $1,240.00. According to the 1M time frame, I found downward pressure and no demand bars, which is a sign that buying Gold at this stage looks risky.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,288.90
R2: 1,289.70
R3: 1,290.00
Support levels:
S1: 1,286.00
S2: 1,285.00
S3: 1,284.30
Trading recommendations for today: be careful when buying gold at this stage and watch for potential selling opporutnities on the pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: