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Gold : analysis for April 14, 2015

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Overview :


Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,187.51 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. The price broke our Fibonacci retracement 38.2% ($1,194.00). We may see potential testing at $1,177.00-$1,174.00. The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after retracement (correction).


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,207.04


R2: 1,214.77


R3: 1,220.00


Support levels :


S1: 1,193.85


S2: 1,188.56


S3: 1,180.80


Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.


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