InstaForex - Analytics

InstaForex

696.00 6.50/10
61% of positive reviews
Real

Gold : analysis for May 11, 2015

GOLDM3011.png

Show full picture

GOLDDaily11.png

Show full picture

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,191.53 in a high volume. According to the daily time frame, we can observe demand in a volume below average. The short-term trend is neutral. 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 seen 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 time frame and the price broke and re-tested that channel, which is a sign of potential bullish movement.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,189.60

R2: 1,190.00

R3: 1,191.00

Support levels:

S1: 1,187.65

S2: 1,187.30

S3: 1,186.50

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
InstaForex Group © 2007-2015


To leave a comment you must or Join us


By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree