Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,232.18 in a high volume. We can observe demand in a high volume but weak price action in the daily time frame. The short-term trend is bullish. The daily resistance at the level of $1,224.00 is on the test. If the price breaks the level of $1,224.00 in a high volume and strong price action takes place, we may see possible testing at the level of $1,250.00 (Fibonacci expansion 100%). Be careful when selling and watch for potential buying opportunities on dips. I found support area around the levels of $1,210.00-$1,214.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,224.60
R2: 1,225.30
R3: 1,226.15
Support levels:
S1: 1,222.80
S2: 1,222.00
S3: 1,221.35
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 18, 2015 . Thanks for your support.
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