empty
 
 
07.07.2014 04:16 PM
Gold analysis for July 07, 2014

This image is no longer relevant

This image is no longer relevant

Overview:

Since our last analysis, gold has been trading sideways. We are facing a quiet day and very flat Gold around the price of 1,314.00. According to the daily timeframe, we can observe very weak demand in the background on ultra low volume, which is sign that buying looks risky . Buying Gold still looks unsafe. So, my advice is to watch for larger bearish correction before you place your buying positions. I have placed Fibonacci retracement levels and I got Fibonacci retracement 61.8% around the price of 1,305.00. Be careful with buying and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,320.83

R2: 1,321.91

R3: 1,323.67

Support levels:

S1: 1,317.31

S2: 1,316.23

S3: 1,314.47

Trading recommendation: Be careful with buying since we may see more downward movement.

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