Overview:
Since our last analysis, gold has been trading downwards, as we expected, the price reached our first target level at 1,260.00 (submajor FR 38.2 %) on average volume.Our next down station is FR 61.8 % at 1,250.00.We also got major FR 38.2 % at 1,243.00. We can observe rejection from our FR 38.2% and volume leveling off at 1,279.00 which caused the price to start downward movement. Buying Gold looks risky since we are in short- and mid-term downtrend, and we also got finished ABCD bullish corrective phase in the background.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,271.64
R2: 1,277.46
R3: 1,286.90
Support levels:
S1: 1,252.76
S2: 1,246.94
S3: 1,237.50
Trading recommendation: Trading the metal, be careful with buying since we may end bullish corrective phase and start bearish continuation 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 28, 2014 . Thanks for your support on GOLD analysis for January 28, 2014
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