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21.07.2014 04:24 PM
Gold analysis for July 21, 2014

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,318.17 in a volume below average according to the 4H timeframe. According to the daily timeframe, we can observe supply in a volume above average as well as testing our Fibonacci retracement 61.8% at the price of 1,324.70. We can observe strong buying climax in the background according to the 4H timframe. Gold is now in a bullish corrective phase. I have placed Fibonacci expansion to find potential resistance and I got Fibonacci expansion 61.8% at the price of 1,323.00 and Fibonacci expansion 100% at the price of 1,336.00. Support level is still around the price of 1,291.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,312.42

R2: 1,313.02

R3: 1,307.97

Support levels:

S1: 1,310.52

S2: 1,309.92

S3: 1,308.97

Trading recommendations: Be careful with buying and watch for potential selling opportunities after retracement.

Ringkasan
Urgensi
Analitik
Petar Jacimovic
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