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Gold analysis for January 30, 2015

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Overview :


Since our last analysis gold has been trading downwards. The price has tested the level of 1,251.82 in a volume above the average. According to the H4 time frame, we got selling climax and potential end of bearish corrective phase (abcd). Our Fibonacci expansion 100 % at the price of 1,262.00 got broken. Be careful when selling gold and watch for potential buying opportunities on the lows (buy on the dips). I have placed Fibonacci retracement from the most recent swings and got Fibonacci retracement 38.2% at the price of 1,254.00. Anyway, if the price breaks the level of 1,254.00 in a strong volume, we may see a possible testing of the level of 1,240.00 (Fibonacci expansion 161.8%).


Daily Fibonacci pivot points :


Resistance levels :


R1: 1,278.05


R2: 1,286.19


R3: 1,299.37


Support levels :


S1: 1,251.69


S2: 1,243.55


S3: 1,230.37


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




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