11.08.201412:51 Forex Analysis & Reviews: Gold analysis for August 11, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of 1,305.89 in a volume above average according to the 4H time frame. According to the 1H timeframe, we can observe supply in ultra high volume (selling climax), which is a sign that buying looks risky. We can also observe rejection from our Fibonacci retracement 61.8% at the price of 1,320.00. Anyway, if the price breaks the level of 1,321.00 in a higher volume, we may see testing the level of 1,343.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,312.30

R2: 1,312.96

R3: 1,314.03

Support levels:

S1: 1,310.16

S2: 1,309.50

S3: 1,308.43

Trading recommendations: Buying Gold looks risky since we got successful rejection from our Fibonacci retracement 61.8%.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.