17.12.201414:03 Forex Analysis & Reviews: Gold analysis for December 17, 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 downward. The price tested and rejected from the level of 1,187.96. Our corrective Fibonacci expansion 161.8% at the price of 1.195.00 has been held successfully, which caused price to start with an upward movement. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1,180.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 1H time frame, we can observe selling climax and gold is not in absorption phase. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities. According to the daily time frame, we got indecision bar.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,215.79

R2: 1,224.31

R3: 1,238.10

Support levels:

S1: 1,188.21

S2: 1,179.69

S3: 1,165.90

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).

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.