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    Gold : analysis for May 12, 2015

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    Overview:

    Since our last analysis, gold has been trading downwards. The price tested the level of $1,178.75 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. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held successfully again. 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 1H time frame, we got selling climax (hidden buying and stoping action). I found corrective downward channel according to 30min time frame and the price broke and re-tested two times that channel, which is a sign of potential bullish movement.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,188.90

    R2: 1,192.00

    R3: 1,196.00

    Support levels:

    S1: 1,179.00

    S2: 1,176.30

    S3: 1,171.50

    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
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