empty
 
 
13.10.2014 02:53 PM
Analysis of gold for October 13, 2014

This image is no longer relevant

This image is no longer relevant

Overview :

Since our last analysis, gold has been trading sideways around the price of 1,228.00. There is very low activity on the market and we are waiting for larger volume and price action. Our resistance level at the price of 1,230.00 held successful, which is a sign that buying at this stage looks risky. According to the daily chart, we can observe weak demand in a volume above the average. If the price breaks the level of 1,234.00 in a high volume, we may see the testing of the level of 1,244.00 (Fibonacci retracement 38.2%). Anyway, since gold has started bearish corrective phase, I placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,214.00 and Fibonacci retracement 61.8% at the price of 1,202.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,232.42

R2: 1,234.28

R3: 1,237.80

Support levels

S1: 1,225.78

S2: 1,223.72

S3: 1,220.40

Trading recommendations: Buying still looks risky since gold is near resistance levels

Summary
Urgency
Analytic
Petar Jacimovic
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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