InstaForex - Analytics

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    Gold analysis for February 05, 2016 2016-02-05

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    Overview:

    Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,160.44 in a very high volume. An intraday short-term trend is upward. In the daily time frame, I found an upward bar in a very high volume. Demand still presents in the market. So, selling looks risky. The price broke the daily 200 SMA. Also, the pair is trading well above all key MA`s (SMA 50,100,150,200) in the H4 time frame. The first take-profit level is reached at $1,134.00 (Fibonacci retracement 61.8%, daily SMA 200). Second short-term take profit is set at the level of $1,182.00. In the M30 time frame, I found a broken trading range (re-accumulation). Intraday support level is set around $1,156.50 (resistance became support). Since gold is in the uptrend according to the lower time frame, watch for the potential buying opportunities on dips.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,157.70

    R2: 1,161.55

    R3: 1,167.70

    Support levels:

    S1: 1,145.20

    S2: 1,141.40

    S3: 1,135.20

    Trading recommendations: Strong upward trend on the market. Watch for potential buying opportunities on the dips.


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