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    Gold analysis for April 02, 2015

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    Overview :

    Since our last analysis, gold has been trading downwards. The price has tested the level of $1,194.86 in a high volume. According to the daily time frame, we can observe weak demand in a volume below the average. It caused the price to start with downward movement. The price rejected from our Fibonacci retracement 61.8% ($1,204.00). I found support at the price of $1,196.00 so be careful when selling at this stage. The short-term trend is neutral so we need a clear direction for better posibilites. If the price breaks the level of $1,196.00 in a high volume, we may see potential testing of the level of $1,190.00. Anyway, since the price has broken the downward channel (daily), buying opportunities are preferable.

    Daily Fibonacci pivot points:

    Resistance levels :

    R1: 1,209.90

    R2: 1,216.56

    R3: 1,227.33

    Support levels :

    S1: 1,188.30

    S2: 1,181.70

    S3: 1,170.93

    Trading recommendations: Be careful when selling gold at this stage since we have a weak supply in the background.

    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
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