GOLD analysis for July 10, 2013
July 10, 2013 7:58 amVideo
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Overview:
Since our last analysis, Gold has been trading sideways around price 1,251.00,we are still waiting larger move and testing of level 1,151.00. I placed Fibonacci expansion levels to find the potential end of up corrective phase. Thus, I got FE 261.8% at price 1,269.00 and if that level holds, we may see a down continuation. We are still likely to see testing of the weekly FE level 161.8% at price 1,151.00. I saw demand bar on volume below the average, according to the daily which is the sign that current demand is weak. The current situation on (1H) is that we got lack of demand on previous up move.That is the sign that Gold may continue its down movement. Since we are in the short-term downtrend and observe a buying climax (1H chart) with weak demand on the daily chart, buying this pair looks very risky and I advise you to watch for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1 : 1,256.21
R2 : 1,262.49
R3 : 1,272.65
Support levels:
S1 : 1,235.89
S2 : 1,229.61
S3 : 1,219.45
Trading recommendation: Operating with the metal, be careful with short-term buying and look for selling opportunities. My recommendation for down short-term target is 1,151.00.
The material has been provided by InstaForex Company – www.instaforex.com
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