empty
 
 
17.01.2014 02:48 PM
GOLD: analysis for January 17, 2014

This image is no longer relevant

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,244.90 on high volume.We can also observe that demand has entered the market at 1,237.50 which caused the price to start small bullish movement. If the price breaks the level of 1,245.00 on high volume, we may see re-testing of previous swing high level at 1.254.00. Next major upper stations are at 1,279.00 and 1,295.00 but just if price breaks level of 1,254.00 on high volume. Do not forget, gold is in bearish trend and we are now in bullish corrective phase.There is also a chance that we may see testing of levels around 1,232.00-1,227.00, before another bullish movement. Selling gold at this stage looks risky since gold is in progress of bullish corrective phase, and we saw demand on the high volume in the background. Watch for buying opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,244.16

R2: 1,246.24

R3: 1,249.60

Support levels:

S1: 1,237.44

S2: 1,235.36

S3: 1,232.00

Trading recommendation: Trading the metal, be careful with selling gold and try to catch bullish corrective phase.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback