15.08.201413:28 Forex Analysis & Reviews: Gold analysis for August 15, 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 sideways. We are facing a very quiet day and very low activity. We are still waiting for larger movement and larger volume (activity). According to the Daily time frame, we can observe another weak demand candle and successful rejection from our Fibonacci retracement 61.8%, which is a sign that buying looks risky. Anyway, if the price breaks the level of 1,321.00 in a higher volume, we may see the level of 1,343.00 is being tested. My advice is to watch for selling opportunities after retracement. I have placed Fibonacci expansion from most recent ABC swings and I got Fibonacci expansion 100% at the price of 1,318.00. According to the 4H timeframe, we can observe indecision candle in an ultra high volume.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,320.34

R2: 1,323.12

R3: 1,327.63

Support levels:

S1: 1,311.33

S2: 1,308.54

S3: 1,304.03

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.