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    Gold analysis for May 06, 2015


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    Since our last analysis, gold has been trading upwards. As we had expected, the price tested the level of $1,199.58 in a high volume. According to the daily time frame, we can observe demand in a volume above 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 supply in a high volume. 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. I placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the price of $1,188.00, Fibonacci retracement 50% at the price of $1,184.00 and Fibonacci retracement 61.8% at the price of $1,181.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,197.00

    R2: 1,201.00

    R3: 1,206.90

    Support levels:

    S1: 1,187.00

    S2: 1,183.50

    S3: 1,178.10

    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 portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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