Overview
Since our last analysis, gold has been trading sideways, around the price of 1,288.00, we are still waiting larger movement and larger volume. As you can see in the chart, our major Fibonacci retracement 38.2% (1,315.55) held successfully, and that caused price to start downward movement. According to the 4H timeframe, we can observe weak demand on volume below the average, which is a good sign for the potential bearish movement. According to the daily chart, we can observe neutral candle on volume just above the average, which is a sign for indecision. First support level may be the price of 1,277.00 (swing low). If the price starts with upward movement, we will get submajor Fibonacci retracement 38.2% at the price of 1,297.00. Be carerful with buying and watch for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,294.51
R2: 1,296.83
R3: 1,300.57
Support levels:
S1: 1,287.03
S2: 1,284.71
S3: 1,280.97
Trading recommendation: Trading the metal, be careful with short-term buying at this stage since price rejected from the Fibonacci retracement. Watch for selling opportunities after retracement.
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 May 09, 2014 . Thanks for your support on GOLD analysis for May 09, 2014
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