07.07.201416:16 Forex Analysis & Reviews: Gold analysis for July 07, 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 can face a quiete day and very flat Gold around the price of 1,314.00. According to the daily timeframe, we can observe very weak demand in the background on ultra low volume, which is sign that buying looks risky . Buying Gold still looks unsafe so my advice is to watch for larger bearish correction before you place your buying positions. I have placed Fibonacci retracement levels and I got Fibonacci retracement 61.8% around the price of 1,305.00. Be careful with buying and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,320.83

R2: 1,321.91

R3: 1,323.67

Support levels:

S1: 1,317.31

S2: 1,316.23

S3: 1,314.47

Trading recommendation: Be careful with buying since we may see more downward movement.

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.