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Gold analysis for August 22, 2014

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Overview:


Since our last analysis, gold has been trading downwards. Just like we expected, the price tested the level of 1,272.90 in a very high volume. We got successful rejection from our Fibonacci retracement 61.8%, which caused the price to start downward movement. Our Fibonacci expansion 61.8% at the price of 1,284.00 is broken. So, we may see potential testing the level of 1,260.00 (Fibonacci expansion 100%). We can observe very weak demand according to the 4H timeframe, which is a sign that buying looks very risky. Watch for potential selling opportunities afer retracement.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,277.71


R2: 1,277.93


R3: 1,278.27


Support levels:


S1: 1,277.03


S2: 1,276.81


S3: 1,276.47


Trading recommendations: Buying Gold looks risky since the price has broken support level.


The material has been provided by InstaForex Company - www.instaforex.com