empty
 
 
22.12.2014 03:07 PM
Gold analysis for December 22, 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 1,195.00. We are still waiting for a larger activity on the market and stronger price action. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1.195.00 (currently on the test). According to the 1H time frame, we can observe weak supply on the market, which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities near the lows. Any larger demand in a high volume may confirm further bullish phase. According to the daily time frame, we can observe supply in an ultra low volume.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,195.96

R2: 1,296.44

R3: 1,197.20

Support levels:

S1: 1,194.44

S2: 1,193.96

S3: 1,193.20

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).

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 $1000 more!
    In April we raffle $1000 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