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24.06.2014 04:12 PM
Gold analysis for June 24, 2014

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Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,325.63 in volume above the average according to 4H timeframe. As you can see in the graph, the price has broken our Fibonacci expansion 100% at the price of 1,305.00, so we may see possible testing the level of 1,334.00 (Fibonacci expansion 161.8%). According to the daily timeframe, we can observe demand on ultra high volume (buying climax) in the background, which is a sign that buying at this stage looks risky. Be careful with buying since we may see potential bearish correction. According to the previous price action, we got a support level at the price of 1,284.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,319.36

R2: 1,321.44

R3: 1,324.80

Support levels:

S1: 1,312.64

S2: 1,310.56

S3: 1,307.20

Trading recommendation: Be careful with buying at this stage since we have got buying climax in the background.

Summary
Urgency
Analytic
Petar Jacimovic
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