empty
 
 
11.12.2014 12:30 PM
Gold analysis for December 11, 2014

This image is no longer relevant

This image is no longer relevant

Overview :

Since our last analysis, gold has been trading downward. The price tested the level of 1,217.56 in a volume below the average. Our Fibonacci expansion 100% at the price of 1,186.00 is broken so we may expect potential testing of the level of 1,255.00-1,265.00. Gold is now in a bearish corrective phase, so I have placed Fibonacci retracement levels to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1,218.00 (on the test) and Fibonacci retracement 61.8% at the price of 1,206.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we can observe supply in an average volume.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,236.40

R2: 1,239.64

R3: 1,244.87

Support levels:

S1: 1,225.94

S2: 1,122.70

S3: 1,217.47

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).

Summary
Urgency
Analytic
Petar Jacimovic
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • 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 $6000 more!
    In December we raffle $6000 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
  • 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