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Overview:
Since our last analysis, gold has been trading sideways around the price of 1,286.00. Our Fibonacci expansion 61.8% at the price of 1,284.00 is broken. So, we may see potential testing the level of 1,260.00 (Fibonacci expansion 100%). I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1,292.00 (currently on the test) and Fibonacci retracement 61.8% at the price of 1,303.00. According to the 4H time frame, we can observe lack of demand, which is a sign that buying looks risky. Watch for potentaial selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,288.67
R2: 1,289.19
R3: 1,290.03
Support levels:
S1: 1,286.99
S2: 1,286.47
S3: 1,285.63
Trading recommendations: Buying Gold looks risky since the price has broken the support level.
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Performed by Petar Jacimovic, Analytical expert InstaForex Group © 2007-2014 |
Gold analysis for September 01, 2014
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