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10.04.2015 12:49 PM
Gold : analysis for April 10, 2015

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Overview :

Since our last analysis, gold has been trading upwards. The price tested the level of $1,205.37 in a high volume. According to the daily time frame, we can observe a supply in an average volume. Our Fibonacci retracement 38.2% at the level of $1,194.00 held successfully and that is the reason behind an upward movement. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the level of $1,204.00 (on the test) and Fibonacci retracement 61.8% at the level of $1,212.00. The short-term trend is neutral. Be careful when buying gold at this stage.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,200.59

R2: 1,203.17

R3: 1,207.33

Support levels :

S1: 1,192.27

S2: 1,189.69

S3: 1,185.53

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


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