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Gold analysis for January 13, 2014

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Overview :


Since our last analysis gold has been trading upwards. As we expected, the price tested the level of 1,243.97 in a volume above the average. According to the H4 time frame, we can observe demand on the market, which is a sign that selling gold at this stage looks risky. We may expect testing the levels of 1,255.00-1,265.00. Be careful when selling gold and watch for potential buying opportunities on the lows.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,235.84


R2: 1,240.20


R3: 1,247.27


Support levels:


S1: 1,221.70


S2: 1,217.37


S3: 1,210.10


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


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