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Gold : analysis for June 17, 2015

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Overview:

Gold has been trading downwards. As we expected, the price tested the level of $1,177.87. In the daily time frame, we can observe a weak bearishh bar in a volume below the average. A fail absorption volume of our buying climax bar in the background is a sign that buying gold looks risky. Anyway, I am neutral about this pair since we got major support around the levels of $1,168.00 and $1,162.00. Since we got strong buying climax in the background and fail absorption volume, bearish side is more possible. I am waiting for larger activity and stronger price actions.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,185.80

R2: 1,188.65

R3: 1,193.25

Support levels:

S1: 1,176.65

S2: 1,173.80

S3: 1,169.00

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



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