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06.04.2015 12:10 PM
Gold : analysis for April 06, 2015

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Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,223.21 in a high volume. According to the daily time frame, we can observe weak demand in a volume below average. According to the lower time frames, we can observe buying climax (hidden selling) around the level of $1,221,00. So, be careful when buying gold at this stage. Our Fibonacci expansion 100% at $1,225.00 is almost tested. We got buying climax (hidden selling) according to the lower time frames, so buying gold at this stage looks risky. Support level is around $1,208.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,218. 05

R2: 1,218.95

R3: 1,220.33

Support levels :

S1: 1,215.15

S2: 1,214.25

S3: 1,212.80.

Trading recommendations: Be careful when buying gold at this stage since our Fibonacci expansion 100% is almost tested.


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