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20.01.2015 03:06 PM
Gold analysis for January 20, 2014
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Overview :

Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,293.93 in a high volume. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 61.8% at the price of 1,292.00 (currently on the test). According to the H4 time frame, we can observe demand in a high volume, which is a sign that selling looks risky. Be careful when selling gold and watch for potential buying opportunities on the lows. If the price breaks the level of 1,292.00 in a high volume and strong price action, we may see potential testing of the level of 1,344.00 (swing high like resistance).

Daily pivot Fibonacci points:

R1: 1,278.64

R2: 1,280.30

R3: 1,282.97

Support levels :

S1: 1,273.30

S2: 1,271.64

S3: 1,268.97

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

Summary
Urgency
Analytic
Petar Jacimovic
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