Overview:
Since our last analysis, gold has been trading upwards, the price tested the level of 1,353.20 on ultra high volume (buying climax). Our previous analysis is still active and buying at this stage looks risky. The Gold is around our critical resistance area, the price of 1,338.00. We got FR 61.8% at the price of 1,338.00 and if that level can hold, we may see potential bearish movements. According to daily chart, we can observe demand bar on volume above the average. According to H4 chart, we can observe buying climax at the price of 1,351.00, which is a sign that buying at this stage looks risky. Anyway, if the price breaks the level of 1,355.00 on strong volume, we may see further upward movement and potential testing the level of 1,395.00-1,400.00. I've placed Fibonacci levels to find potential down stations in case that price start to do corrective phase and I got submajor Fibonacci retracement 38.2% at the price of 1,309.00 and Fibonacci Retracement 61.8% at the price of 1,282.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,353.48
R2: 1,358.72
R3: 1,367.20
Support levels:
S1: 1,336.52
S2: 1,331.28
S3: 1,322.80
Trading recommendation: Trading the metal, be careful with buying since Gold is around critical area and we are also near the high new ground.
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 March 07, 2014 . Thanks for your support on GOLD analysis for March 07, 2014
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