empty
 
 
12.11.2014 02:25 PM
Gold : analysis for November 12, 2014
This image is no longer relevant

This image is no longer relevant

Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price rejected from the level of 1,149.00 and tested the level of 1,173.11 in an average volume. I have placed Fibonacci retracmeent from the most recent swings to find potential support levels. I got Fibonacci retracment 61.8% at the price of 1.149.00 (successful held). We also got support level at the price of 1,160.00 (currently on the test). Be careful when selling gold and watch for potential buying opportunities. If the price breaks the level of 1,179.00 in a high volume and strong price action, we may see possible testing the level of 1,207.00.

Daily pivot Fibonacci points:

Resistance levels:

R1:1,170.64

R2: 1,177.02

R3: 1,187.33

Support levels:

S1: 1,150.02

S2: 1,143.64

S3: 1,133.33

Trading recommendations: Selling gold at this stage looks risky since we got strong rejection from Fibonacci retracmeent 61.8%.

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