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Gold : analysis for April 13, 2015

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Overview :


Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,197.46 in a high volume. According to the daily time frame, we can observe a demand in an volume below the average (weak demand). Our Fibonacci retracement 61.8% at the level of $1,211.00 held successful, which made the price to start moving downwards. The short-term trend is bearish. We may see potential re-testing of our Fibonacci retracement 38.2% at the level of $1,190.00.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,208.46


R2: 1,208.90


R3: 1,209.63


Support levels :


S1: 1,207.00


S2: 1,206.56


S3: 1,208.80


Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.




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