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Gold: analysis for June 04, 2015

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Overview:

Gold has been trading downwards. The price tested the level of $1,180.26. According to the daily time frame, we can observe a supply bar in an average volume. The price has broken our supply trendline in the background, which is a sign that selling looks very risky. The key resistance is around the level of $1,203.00 (reistance cluster). Watch for potential buying opportunities on dips. The major support around $1,184.00 in on the test. According to the H4 time frame, we got selling climax (hidden buying) around $1,180.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,193.00

R2: 1,196.75

R3: 1,203.00

Support levels:

S1: 1,180.25

S2: 1,176.00

S3: 1,170.40

Trading recommendations: Support at the level of $1,184.00 is on the test. Be careful when selling gold at this stage and watch for potential buying opportunities.



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