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Gold : analysis for June 12, 2015

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Overview:

Gold has been trading downwards. The price tested the level of $1,176.57 in a ultra-high volume. In the daily time frame, we can observe a supply bar in a volume below the average. In the M30 time frame, we can observe volume spike (buying climax) at the price of $1,185.00 in the background, which is sign that buying looks risky. Anyway, I am neutral on this pair since we got major support around the level of $1,168.00-$1,162.00. Since we got strong buying climax in the background, bearish side is more possible.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,186.95

R2: 1,193.45

R3: 1,199.55

Support levels:

S1: 1,174.35

S2: 1,168.25

S3: 1,161.75

Trading recommendations: Buying climax around the price of $1,184.00 in the background. Buying gold at this stage looks risky.



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