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Gold: analysis for June 05, 2015

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Overview:

Gold has been trading downwards. The price tested the level of $1,172.726. According to the daily time frame, we can observe a supply bar in an volume above the average . According to the H1 time frame, we can observe a weak price action (supply) around the level of $1,173.00. The reisistance level is seen around $1,180.00. Selling gold at this stage looks risky since we saw a weak price action in the background. I am still neutral on gold.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,183.50

R2: 1,187.00

R3: 1,192.00

Support levels:

S1: 1,172.65

S2: 1,169.30

S3: 1,163.90

Trading recommendations: Weak supply around the price of $1,172.00. Be careful when selling gold at this stage.



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