empty
 
 
15.10.2014 03:14 PM
Gold analysis for October 15, 2014

This image is no longer relevant

This image is no longer relevant

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of 1,221.67. We can observe rejection from our resistnace level at the price of 1,234.00. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,217.00 and Fibonacci retracement 61.8% at the price of 1,204.00.According to the daily chart, we can observe weak demand in a volume below the average. On the mid term prospective, price rejected from our major Fibonacci expansion 100% at the price of 1,193.00, which caused price to start bullish phase. 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%).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,237.54

R2: 1,239.31

R3: 1,242.17

Support levels

S1: 1,231.81

S2: 1,230.84

S3: 1,227.07

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

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