Overview:
Since our last analysis Gold has been trading upwards, the price tested the level of 1,433.30 on high volume. We are still, likely, to see testing the weekly FE level of 161.8% (Weekly third target) at the price of 1,151.00. I saw demand bar on volume above the average according to the daily chart. That is the sign that the pair may test FE 100% at the price of 1,440.00 before any downward movement. The current situation in (4H) is that we have got decreasing in volume on the previous upward move and I placed Fibonacci Expansion level to find the potential end of the corrective upper phase and I got FE 100% at the price of 1,440.00 as a potential level, where we may see the end of the upward corrective phase. Since we are in the short-term downtrend in the daily chart buying Gold looks very risky and I advise you to watch for selling opportunities after corrections.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,429.25
R2: 1,434.01
R3: 1,441.73
Support levels:
S1: 1,413.81
S2: 1,409.05
S3: 1,401.33
Trading recommendation: Operating with the metal, be careful with short-term buying and look for selling opportunities. My recommendation for a downward short-term target is at 1,151.00.
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Performed by Petar Jacimovic, Analytical expert InstaForex Group © 2007-2013 |
GOLD: Analysis for August 29, 2013
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