InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Gold analysis for February 16, 2015

    GOLDDaily16.png

    Show full picture

    GOLDH416.png

    Show full picture

    Overview :

    Since our last analysis gold has been trading upwards. As we expected, the price tested the level of 1,236.51 in a volume below the average. According to the H4 time frame, we can see reaction from buyers and test the resistance level at the price of 1,216.00-1,218.00. We are facing very low volatility on the market due to a bank holiday. Major resistance level is still around the price of 1,307.00 (swing high like resistance). I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1,251.00 and Fibonacci retracement 61.8% at the price of 1,272.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips). Anyway, if the price breaks the level of 1,220.00, we may see a possible testing of the level of 1,200.00 before any larger bullish reaction.

    Daily Fibonacci pivot points :

    Resistance levels :

    R1: 1,229.20

    R2: 1,229.56

    R3: 1,230.13

    Support levels :

    S1: 1,228.06

    S2: 1,227.70

    S3: 1,227.13

    Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).


    Petar Jacimovic neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree