Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,196.97 in a high volume. We can observe demand in a high volume and strong price action in the daily time frame,. The short-term trend is neutral. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held successfully again. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is seen around $1,200.00. I found corrective downward channel according to the H1 time frame and the price broke and re-tested that channel twice, which is a sign of potential bullish movement. We can also observe inverted head and shoulders formation. The first major resistance is around the level of $1,220.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,195.90
R2: 1,200.00
R3: 1,206.00
Support levels:
S1: 1,179.00
S2: 1,176.30
S3: 1,171.50
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).
For detail explanation and best discovery on daily market trends and news you may visit via Gold : analysis for May 13, 2015 . Thanks for your support.
No comments:
Post a Comment