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Gold analysis for April 02, 2015

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Overview :


Since our last analysis, gold has been trading downwards. The price has tested the level of $1,194.86 in a high volume. According to the daily time frame, we can observe weak demand in a volume below the average. It caused the price to start with downward movement. The price rejected from our Fibonacci retracement 61.8% ($1,204.00). I found support at the price of $1,196.00 so be careful when selling at this stage. The short-term trend is neutral so we need a clear direction for better posibilites. If the price breaks the level of $1,196.00 in a high volume, we may see potential testing of the level of $1,190.00. Anyway, since the price has broken the downward channel (daily), buying opportunities are preferable.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,209.90


R2: 1,216.56


R3: 1,227.33


Support levels :


S1: 1,188.30


S2: 1,181.70


S3: 1,170.93


Trading recommendations: Be careful when selling gold at this stage since we have a weak supply in the background.


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