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09.04.2015 05:56 PM
Gold analysis for April 09, 2015

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Overview :

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,192.42 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. Our Fibonacci retracement 38.2% at the price of $1,194.00 is on the test. If the price breaks the level of $1,192.00, we may see possible testing of the level of $1,179.00-$1,173.00. The short-term trend is bearish. Watch for potential selling opportunities after retracements.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,210.10

R2: 1,213.66

R3: 1,219.43

Support levels :

S1: 1,198.56

S2: 1,195.00

S3: 1,189.25

Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.


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