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    Gold analysis for May 05, 2015

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    Overview:

    Since our last analysis, gold has been trading upward. As we expected, the price tested the level of $1,196.08 in a high volume. According to the daily time frame, we can observe demand in a volume below the average. Our Fibonacci retracement 61.8% (support) at $1,174.00 was held successfully. Major resistance is seen around the level of $1,220.00. The short-term trend is bullish. According to the H4 time frame, we can observe demand in a high volume with strong price action. I placed Fibonacci expansion to find potential resistance levels and got Fibonacci expansion 61.8% at $1,220.00, Fibonacci expansion 100% at $1,250.00, and Fibonacci expansion 161.8% at $1,300.00. According to the 30-minutes time frame, we can observe inverted head and shoulders formation, which is a good sign for futher bullish movement.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,191.00

    R2: 1,194.35

    R3: 1,200.00

    Support levels:

    S1: 1,179.00

    S2: 1,175.20

    S3: 1,169.00

    Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on 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
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