empty
 
 
07.01.2015 01:20 PM
Analysis of gold for January 07, 2014

This image is no longer relevant

This image is no longer relevant

Overview :

Since our last analysis, gold has been trading sideways around the price of 1,214.00. According to the 4H time frame, we can observe demand in an ultra-high volume (buying climax) in the background, which is a sign that buying gold at this stage looks risky. Our Fibonacci retracement 61.8% at the price of 1,211.00 is broken so we may expect testing of the level of 1,237.00 (swing high like resistance). According to the 1H time frame, we can observe bearish harami candle formation, which is a sign of temporally lack of demand. Anyway, my advice is to watch for potential buying opportunities on the lows.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,223.06

R2: 1,228.18

R3: 1,236.47

Support levels:

S1: 1,206.48

S2: 1,201.36

S3: 1,193.07

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

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 $8000 more!
    In March we raffle $8000 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