Gold (short-term)
May 24, 2013 11:15 amVideo
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Overview:
Since our last analysis Gold has continued moving in a downward direction like we expected, we are very close to our first target level FE 61.8 % at price 1,323.00. We saw decreasing volume in previous up move which is good sign of weakness for future up. First up leg got 326,000 total volume and if you compare it with the second up leg where we got 212,000 of total volume, you will find 35% decreasing on second leg which is good sign that we may see future down. You can also see from the graph few test bars on lower volume which is another good sign of weakness in background. Since gold had broken our previous supply level at 1,439.00, it confirmed our view for future down. I also calculated previous down leg and I got 368,000 of total volume which is strong sign that corrective phase after huge selling climax has ended. We placed our Fibonacci Expansion and we got our first potential target at FE 61.8% (1,323.00). In the short term buying of this pair looks very risky so I advise you to watch for selling opportunities.
Daily Pivot Fibonacci points :
Resistance levels :
R1 : 1,395.28
R2 : 1,404.96
R3 : 1,420.62
Support levels:
S1 : 1,363.96
S2 : 1,354.28
S3 : 1,338.62
Trading recommendation: Operating with the metal be careful with short-term buying and look for selling opportunities. My recommendation for down target is 1,323.00.
The material has been provided by InstaForex Company – www.instaforex.com
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