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28.10.201415:36 Forex Analysis & Reviews: Gold : analysis for October 28, 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.

Exchange Rates 28.10.2014 analysis

Exchange Rates 28.10.2014 analysis

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,235.40 in a volume above average. Since our submajor Fibonacci retracement 38.2% at the price of 1,227.00 held successful, that action led the price to start upward movement. According to the daily time frame, we can observe supply in a volume below average. I have placed Fibonacci retracement to find resistance levels and I got Fibonacci retracement 38.2% at the price of 1,234.85 (currently on the test) and Fibonacci retracement 61.8% at the price of 1,242.00. If the price breaks the level of 1,234.00 in a high volume and healthy price action , we may see testing the level of 1,242.00. Anyway, if we see larger reaction from sellers aroud our resistance, a bearish phase will be possible.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,231.51

R2: 1,233.13

R3: 1,235.77

Support levels

S1: 1,226.23

S2: 1,224.61

S3: 1,221.97

Trading recommendations: Selling gold at this stage still looks risky since we got strong demand in the background.

Petar Jacimovic
Analytical expert of InstaForex
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