empty
 
 
13.04.2015 01:25 PM
Gold : analysis for April 13, 2015

This image is no longer relevant

This image is no longer relevant

Overview :

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,197.46 in a high volume. According to the daily time frame, we can observe a demand in an volume below the average (weak demand). Our Fibonacci retracement 61.8% at the level of $1,211.00 held successful, which made the price to start moving downwards. The short-term trend is bearish. We may see potential re-testing of our Fibonacci retracement 38.2% at the level of $1,190.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,208.46

R2: 1,208.90

R3: 1,209.63

Support levels :

S1: 1,207.00

S2: 1,206.56

S3: 1,208.80

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


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