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    Gold analysis for April 16, 2015

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    Overview :

    Since our last analysis, gold has been trading upwards. As we had expected, the price tested the level of $1,208.82 in a high volume. According to the daily time frame, we can observe a demand in a volume below the average. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 61.8% at the price of $1,208.00 (on the test). I have also placed Fibonacci expansion to find potential bullish objective points and have got Fibonacci expansion 61.8% at the price of $1,232.00 and Fibonacci expansion 100% at the price of $1,263.00. Major resistance is around the price of $1,220.00. Only if the price breaks that level, we may see stronger bullish movement. The short-term trend is bullish.

    Daily Fibonacci pivot points:

    Resistance levels :

    R1: 1,204.15

    R2: 1,207.95

    R3: 1,214.00

    Support levels :

    S1: 1,192.00

    S2: 1,188.00

    S3: 1,181.90

    Trading recommendations: Be careful when selling gold since we have demand in a high volume according to the 4H time frame. Buying positions above the level of $1,220.00 are preferable.

    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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