Gold analysis for May 14, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,218.72 in an ultra high volume. We can observe demand in an ultra high volume and strong price action in the daily time frame. The short-term trend is bullish. The first major resistance level at the price of $1,220.00 is on the test. If the price breaks the level of $1,220.00 in a high volume and strong price action, we may see possible testing of the level of $1,250.00 (Fibonacci expansion 100%). Be careful when selling and watch for potential buying opportunities above the price of $1,220.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,220.00

R2: 1,226.40

R3: 1,237.00

Support levels:

S1: 1,198.30

S2: 1,191.65

S3: 1,180.50

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).

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