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    Gold: analysis for April 15, 2015

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    Overview :

    Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,183.79 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. The price broke our Fibonacci retracement 38.2% ($1,194.00). We may see potential testing at $1,177.00-$1,174.00. The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after retracement (correction). Anyway, according tothe 4H time frame we can observe a weak supply (high volume supply and weak price action). Just if the price breaks the level of $1,183.00, we may see potential testing of the level of $1,177.00-$1,174.00.

    Daily Fibonacci pivot points:

    Resistance levels :

    R1: 1,199.25

    R2: 1,203.47

    R3: 1,210.27

    Support levels :

    S1: 1,185.67

    S2: 1,181.00

    S3: 1,174.80

    Trading recommendations: Be careful when selling gold at this stage since we got weak supply according to the 4H time frame.


    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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