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17.09.201313:50 Forex Analysis & Reviews: GOLD: Analysis for September 17, 2013

Long-term review

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Overview:

Since our last analysis, Gold has been trading sideways, around the price of 1,318.76 on volume above the average, we are still likely to see its testing the weekly FE level of 161.8% (Weekly third target) at the price of 1,151.00. I saw strong supply bar on the volume below the average according to the daily chart. That is a sign that the pair failed to test FE 100% at the price of 1,440.00, so we may mark point D like the end of the upward corrective phase. The current situation in (4H) is that we are increasing in volume in the previous downward move, which is a sign that we have got supply on the market. Since we are in the short-term downtrend in the daily chart, buying Gold looks very risky and I advise you to watch for selling opportunities after corrections.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,327.32

R2: 1,334.22

R3: 1,345.37

Support levels:

S1: 1,305.02

S2: 1,298.12

S3: 1,286.97

Trading recommendation: Operating with the metal, be careful with short-term buying and look for selling opportunities. My recommendation for a downward short-term target is 1,151.0

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