Overview:
Since our last analysis, gold has been trading upwards. Theprice rejected from our corrective FE 161.8% at 1,266.00 andtested the level of 1,252.20 on high volume. If the price breaks the level of1,238.00 on higher volume, we may see the testing of the level of 1.222.00 (FE161.8%). Anyway, if the price breaks the area of 1,266.00 on higher volume, we mayexpect further bullish movement and continuation of the bullish correctivephase. We can observe large buying climax at the price of 1,264.7 which is asign that buying gold at this stage looks risky. Buying gold looks risky sincewe are in short- and mid-termdown trend, and we can also observe the finish of the majorABCD bullish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,265.14
R2: 1,271.16
R3: 1,280.90
Support levels:
S1: 1,245.66
S2: 1,239.64
S3: 1,229.90
Trading recommendation: Trading the metal, be careful withbuying and try to catch the bearish continuation phase if the price breaks the areaof 1.238.00
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Performed by Petar Jacimovic, Analytical expert InstaForex Group © 2007-2014 |
GOLD analysis for February 04, 2014
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