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Gold : analysis for April 08, 2015

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Overview :


Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,197.32 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. Our support level at $1,207.00 got broken, so be careful when buying gold. Major Fibonacci retracement 38.2% (support) is around $1,194.00. Fibonacci retramcent 61.8% (support) is around $1,174.00. The short-term trend is bearish.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,214.54


R2: 1,216.52


R3: 1,219.47


Support levels :


S1: 1,208.12


S2: 1,206.15


S3: 1,202.93


Trading recommendations: Be careful when buying gold at this stage since we got support broken. Sell after retracmeents.




The material has been provided by InstaForex Company - www.instaforex.com