Overview:
Since our last analysis, gold has been trading upward movement, as like we expected, the price tested level of 1,226.94 on lower volume (below the average). The price rejected again from our SR zone at price 1,219.00 . We can also observe selling climax at 1,218.00, which is a sign that selling at this stage looks risky. I placed Fibonacci levels to find potential upper station and I got FE 61.8% at 1,256.00 and FR38.2% at 1,279.00-1,295.00. In case the price breaks the area of 1,216.00, we may see testing of FR 61.8% at price 1,207.50. Do not forget, gold is in bearish trend and we are now in bullish corrective phase. Selling gold at this stage looks risky since gold is in progress of bullish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,231.86
R2: 1,238.23
R3: 1,245.26
Support levels:
S1: 1,218.46
S2: 1,211.43
S3: 1,205.06
Trading recommendation: Trading the metal, be careful with selling gold and try to catch bullish corrective phase.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GOLD: analysis for January 09, 2014 . Thanks for your support on GOLD: analysis for January 09, 2014
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