GOLD analysis for July 12, 2013
July 12, 2013 11:27 amVideo
Latest News
- Technical Analysis – EURCHF flirts with uptrend line May 9, 2024
- Technical Analysis – EURGBP runs out of steam near 0.8600 May 9, 2024
- Forex forecast 05/09/2024: EUR/USD, GBP/USD, Oil and Bitcoin from Sebastian Seliga May 9, 2024
- USD/JPY: trading tips for beginners for European session on May 9 May 9, 2024
- Technical Analysis – USDJPY advances after bouncing off 50-day SMA May 9, 2024
- Market Comment – Pound slides ahead of Bank of England decision May 9, 2024
- Technical Analysis – NZDUSD bulls face strong resistance May 9, 2024
- GBP/USD: trading tips for beginners for European session on May 9 May 9, 2024
- EUR/USD: trading tips for beginners for European session on May 9 May 9, 2024
- Key events on May 9: fundamental analysis for beginners May 9, 2024
- Trading plan for GBP/USD on May 9. Simple tips for beginners May 9, 2024
- Trading plan for EUR/USD on May 9. Simple tips for beginners May 9, 2024
- Forecast for EUR/USD on May 9, 2024 May 9, 2024
- Forecast for GBP/USD on May 2024 May 9, 2024
- Forecast for USD/JPY on May 9, 2024 May 9, 2024
- Outlook for GBP/USD on May 9. The pound flat ahead of the Bank of England meeting May 9, 2024
- Outlook for EUR/USD on May 9. Third consecutive boring day for the euro May 9, 2024
- What to expect from the Bank of England meeting? May 9, 2024
- The euro hits certain points May 9, 2024
- Analysis of EUR/USD on May 8th. Euro aims for the 1.5 figure May 8, 2024
Overview:
Since our last analysis, Gold has been trading sideways around price 1,283.00,we are still waiting larger move and testing of level 1,151.00. I placed new Fibonacci expansion levels to find the potential end of up corrective phase. Thus, I got FE 100 % at price 1,295.00 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 the demand bar on volume below the average, according to the daily which is the sign that current demand is weak. The current situation on (4H) is that we got buying climax (ultra high volume up bar). That is the sign that Gold may continue its down movement. If the price does not reject from our FE 100 % (1,295.00), we may see testing of previous SR zone (blue shape) at price 1,320.00 and then continuation with down movement. Since we are in the short-term downtrend and observe a buying climax (4H chart) with weak demand on the daily chart, buying Gold looks very risky and I advise you to watch for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1 : 1,293.77
R2 : 1,298.57
R3 : 1,306.32
Support levels:
S1 : 1,278.27
S2 : 1,273.47
S3 : 1,265.72
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
Related Posts: