empty
 
 
08.06.2015 02:09 PM
Gold : analysis for June 08, 2015

This image is no longer relevant

This image is no longer relevant

Overview:

Gold has been trading sideways around the level of $1,173.00. According to the daily time frame, we can observe a supply bar in an volume below the average (weak supply). I found the strong mid-term trading range between the levels of $1,230.00 and $1,169.00. The price is testing the bottom of our trading range ($1,169.00). Selling gold at this stage looks risky since our support (cluster) is on the test. We are facing very low activity on the market. According to the M30 time frame, we can observe selling climax (hidden buying) in the background.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,171.00

R2: 1,171.40

R3: 1,172.00

Support levels:

S1: 1,169.20

S2: 1,168.50

S3: 1,167.90

Trading recommendations: Weak supply around the level of $1,170.00. Be careful when selling gold at this stage.

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 $9000 more!
    In May we raffle $9000 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