Gold: Update
May 31, 2013 1:00 pmVideo
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Overview:
Since our last analysis Gold has been trading in upward move after small correction. It tested the level of 1,421.00 (our daily supply level) on lower volume and we are still waiting for our first target level FE 61.8% at price 1,323.00, according to the daily chart. We saw decreasing volume in the 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 daily graph few test bars on lower volume which is another good sign of weakness in background. 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. Current situation on (1H) chart is that we tested our supply daily zone at 1,421.00 and made swing high with decreasing in volume of 59% which is sign that buying gold looking very risky. We placed our Fibonacci Expansion and we got our first potential target at FE 61.8% (1,323.00) according daily chart. 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 : 1,418.14
R2 : 1,425.00
R3 : 1,436.12
Support levels:
S1 : 1,395.90
S2 : 1,389.04
S3 : 1,377.92
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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