Overview:
Since our last analysis, gold has been trading downwards, as we expected, the price tested our first down target at the level of 1,250.00 (sub-major FR 61.8 %). In case the price breaks the level of 1,250.00 on high volume, we may see testing of next down level at major FR 61.8 % (1,243.00). Currently, we can observe a rejection from our sub-major FR 61.8% and low volume, which is a sign that supply is still on the market. If the price continues an upward movement, we may see testing of FR 38.2 % at the level of 1,260.00 or FR 61.8 % at 1,267.00 before futher downward movement continues. Buying gold looks risky since we are in short- and mid-term downtrend, and we also got finished the ABCD bullish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,258.93
R2: 1,261.83
R3: 1,266.53
Support levels:
S1: 1,249.53
S2: 1,246.63
S3: 1,241.93
Trading recommendation: Trading the metal, be careful when buying and try to catch the 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 29, 2014 . Thanks for your support on GOLD: Analysis for January 29, 2014
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