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    Gold analysis for May 09 , 2016 2016-05-09

    Since our previous analysis, gold has been moving downwards. The price tested the level of $1,273.57 in a high volume. According to the 1H time frame, I found a buying climax in the background (volume spike) and strong reaction from sellers, since they absorbed an upward movement. I have placed Fibonacci expansion to find potential downward stations. I got Fibonacci expansion 61.8% at the price of $1,274.00 (on the test), Fibonacci expansion 100% at the price of $1,260.50 and Fibonacci expansion 161.8% at the price of $1,240.00. According to the 1M time frame, I found downward pressure and no demand bars, which is a sign that buying Gold at this stage looks risky.

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    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,288.90

    R2: 1,289.70

    R3: 1,290.00

    Support levels:

    S1: 1,286.00

    S2: 1,285.00

    S3: 1,284.30

    Trading recommendations for today: be careful when buying gold at this stage and watch for potential selling opporutnities on the pullbacks.


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