Gold analysis for April 22, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,200.00. According to the daily time frame, we can observe demand in a volume below the average. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 61.8% at $1,208.00 (held few times). I placed Fibonacci expansion to find potential bearish objective points and got Fibonacci expansion 61.8% at $1,185.00 and Fibonacci expansion 100% at $1,170.00. Major resistance is around the level of $1,220.00. Only if the price breaks that level, we may see a strong bullish movement. Objective points for bullish movement are $1,232.00, $1,263.00 and $1,312.00. The short-term trend is neutral. I found trading range between the price of $1,209.00 - $1,188.00. We are waiting for a clear direction for a better entry.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,205.00

R2: 1,209.06

R3: 1,216.15

Support levels:

S1: 1,190.26

S2: 1,186.60

S3: 1,179.53

Trading recommendations: Gold is in a trading range. If the price breaks up or down in a high volume, it will confirm direction. Buying positions are preferable.

The material has been provided by InstaForex Company - www.instaforex.com

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