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Gold : analysis for May 08, 2015

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,178.67 in a high volume. According to the daily time frame, we can observe supply in a volume below average. 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 level of $1,181.00 was held successful. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is around $1,200.00. According to the 30-minute time frame, there is still a valid inverted head and shoulders formation (bullish). I found corrective downward channel according to 30min timeframe, and the price broke and re-tested that channel, which is sign for potential bullish movement.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,189.00

R2: 1,192.75

R3: 1,198.13

Support levels:

S1: 1,178.65

S2: 1,175.30

S3: 1,170.10

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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