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    Gold : analysis for April 23, 2015

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    Overview:

    Since our last analysis, gold has been trading downwards. The price tested the level of $1,184.14 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. I had placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 61.8% at $1,208.00 (held few times). I had placed Fibonacci expansion to find potential bearish objective points and got Fibonacci expansion 61.8% at $1,185.00 and Fibonacci expansion 100% at $1,170.00. Major resistance is around the level of $1,220.00. Only if the price breaks that level, we may see a strong bullish movement. The short-term trend is neutral. I found trading range between the price of $1,209.00 and $1,188.00. We are waiting for a clear direction for a better entry.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,200.00

    R2: 1,204.06

    R3: 1,211.20

    Support levels:

    S1: 1,185.25

    S2: 1,180.90

    S3: 1,173.60

    Trading recommendations: Gold is in a trading range. If the price breaks up or down in a high volume, the direction will be confirmed. Selling positions below $1,184.00 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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