InstaForex - Analytics

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    Gold analysis for February 19, 2016 2016-02-19

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    Overview:

    Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,239.75.Sellers had no power to break through our support level at $1,196.00. In the daily time frame, I found a solid demand bar in an average volume. The demand remained high, which is a sign that selling gold looks risky at this stage. The trend is upward according to the intraday and short-term time frames. Our Fibonacci retracement 61.8% at the level of $1,134.00 is on the test. If the price breaks the level of $1,134.00, we may see potential testing of $1,263.00. In the H4 time frame, I found very weak supply. The price is above all key MA`s in the short-term frames.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,246.00

    R2: 1,261.00

    R3: 1,284.00

    Support levels:

    S1: 1,209.00

    S2: 1,186.50

    S3: 1,171.35

    Trading recommendations: Be careful when selling gold and watch for potential buying opportunities on dips.


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