MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Gold analysis for May 05, 2015

GOLDDaily05.png

GOLDM3005.png

Overview:

Since our last analysis, gold has been trading upward. As we expected, the price tested the level of $1,196.08 in a high volume. According to the daily time frame, we can observe demand in a volume below the average. Our Fibonacci retracement 61.8% (support) at $1,174.00 was held successfully. Major resistance is seen around the level of $1,220.00. The short-term trend is bullish. According to the H4 time frame, we can observe demand in a high volume with strong price action. I placed Fibonacci expansion to find potential resistance levels and got Fibonacci expansion 61.8% at $1,220.00, Fibonacci expansion 100% at $1,250.00, and Fibonacci expansion 161.8% at $1,300.00. According to the 30-minutes time frame, we can observe inverted head and shoulders formation, which is a good sign for futher bullish movement.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,191.00

R2: 1,194.35

R3: 1,200.00

Support levels:

S1: 1,179.00

S2: 1,175.20

S3: 1,169.00

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).

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