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Analysis of gold for December 10, 2014

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Overview :


Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,238.09 in a volume above the average. Our Fibonacci expansion 100% at the price of 1,186.00 is broken so we may expect potential testing of the level of 1,255.00-1,265.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we finished the bearish corrective phase abcd, and we can observe a weak supply on the market.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,238.59


R2: 1,247.91


R3: 1,263.00


Support levels:


S1: 1,208.41


S2: 1,199.09


S3: 1,184.00


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


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