Overview:
Since our last analysis, Gold has been trading in upwards movement, price tested FE 161.8 % and level 1,347.87 as we marked in previous analysis like potential scenario. I placed Fibonacci expansion levels to find the potential end of up corrective phase. 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 chart which is the sign that we may see supply coming on the market. The current situation on (4H) is that we tested FE 161.8 % at price 1,347.87 (SR zone) on volume below the average. That is the sign that Gold may continue its down movement. Since we are in the short-term downtrend and observe 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: 1,347.31
R2 : 1,352.43
R3 : 1,360.72
Support levels:
S1 : 1,330.73
S2 : 1,325.61
S3 : 1,325.61
Trading recommendation: Operating with metal, be careful with short-term buying and look for selling opportunities. My recommendation for down short-term target is 1,151.00.
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Performed by Petar Jacimovic, Analytical expert InstaForex Group © 2007-2013 |
GOLD: Analysis for July 24, 2013
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