InstaForex - Analytics


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    Gold : analysis for May 28, 2015


    Gold has been trading sideways around the level of $1,186.00. The short-term trend is neutral. I found strong trading range between the levels of $1,192.00 and $1,183.00. I am waiting for a clear breakout with strong volume to confirm further direction. Our Fibonacci retracement 50 % at the level of $1,187.00 is on the test. If the price breaks the level of $1,183.00, support levels will be set at $1,178.00 and $1,167.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,190.00

    R2: 1,192.00

    R3: 1,195.40

    Support levels:

    S1: 1,184.50

    S2: 1,183.00

    S3: 1,179.90

    Trading recommendations: Price is in trading range (sideways). Wait for a clear breakout in a high volume to confirm further direction.

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