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Gold analysis for June 15, 2015

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Overview:

Gold has been trading sideways around the price of $1,180.00. In the daily time frame, we can observe a neutral bar in a volume below the average. In the M30 time frame, we can observe fail absorption volume in the background but also selling climax and strong reaction near the price of $1,172.00. Anyway, I am neutral on this pair since we got major support around the levels of $1,168.00-$1,162.00. Since we got strong buying climax in the background and fail absorption volume, bearish side is more possible.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,185.30

R2: 1,186.50

R3: 1,188.50

Support levels:

S1: 1,181.00

S2: 1,179.60

S3: 1,177.20

Trading recommendations: Buying climax around the price of $1,184.00 is in the background. Buying gold at this stage looks risky.



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