InstaForex - Analytics

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    Gold analysis for February 15, 2016 2016-02-15

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    Overview:

    Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,207.40 in a very high volume. The metal reached our second short-term target at $1,232.00. A strong upward bar in an ultra-high volume (buying climax) is seen in the daily time frame. Professional sellers used this massive buying climax to sell gold near the level of $1,263.00. Weakness appears on upbars. I placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of $1,181.00 and Fibonacci expansion 61.8% at the level of $1,131.00. The level of $1,198.00 should provide strong support.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,235.35

    R2: 1,236.40

    R3: 1,238.00

    Support levels:

    S1: 1,231.90

    S2: 1,230.80

    S3: 1,129.15

    Trading recommendations: Sellers are in control and buying looks very risky. Watch for potential selling opportunities on rallies


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