11.06.201512:35 Forex Analysis & Reviews: Gold: analysis for June 11, 2015

Long-term review

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Overview:

Gold has been trading downwards. The price tested the level of $1,178.44 in a volume above the average. In the daily time frame, we can observe a demand bar in a volume above the average. The price broke the key support level around $1,185.00 in the background and selling looks very risky at this stage. Also, our main supply trendline got broken. My advice is to watch for potential buying opportunities on dips. I had placed Fibonacci retracement to find potential resistance support levels. I got Fibonacci retracement 38% at the level of $1,180.00, Fibonacci retracement 50% at $1,177.00 and Fibonacci retracement 61.8% at $1,173.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,191.00

R2: 1,195.05

R3: 1,201.75

Support levels:

S1: 1,177.55

S2: 1,173.40

S3: 1,166.00

Trading recommendations: strong support at the level of $1,185.00 is broken in the background. Selling looks very risky. My advice is to watch for potential buying opportunities on dips.

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