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    Gold analysis for May 07, 2015

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    Overview:

    Since our last analysis, gold has been trading downwards. The price tested the level of $1,180.60 in a high volume. According to the daily time frame, we can observe supply in a volume above the average but with weak price action. The short-term trend is neutral. According to the H4 time frame, we can observe supply in a high volume. Our Fibonacci retracement 61.8% at the price of $1,181.00 is on the test. I am still expecting bullish movement so my advice is to focus on buying positions. The first resistance level is around the price of $1,200.00. According to the 30-minute time frame, there is still a valid inverted head and shoulders formation (bullish).

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,195.00

    R2: 1,197.40

    R3: 1,201.90

    Support levels:

    S1: 1,187.90

    S2: 1,185.60

    S3: 1,182.10

    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 MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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