29.10.201414:41 Forex Analysis & Reviews: Gold : analysis for October 29, 2014

Long-term review

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of 1,225.25 in an average volume. Our Fibonacci retracement 38.2% at the price of 1,234.00 held successful, that action led the price to start downward movement. According to the daily time frame, we can observe demand in a volume below the average I have placed Fibonacci retracement to find resistance levels that price breaks the level of 1,234.00 and I got Fibonacci retracement 61.8% at the price of 1,242.00. Anyway, if we see larger reaction from sellers aroud our resistance, a testing of the level of 1,211.00 (Fibonacci retracement 61.8%) will be possible.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,234.11

R2: 1,237.25

R3: 1,242.33

Support levels

S1: 1,223.95

S2: 1,220.81

S3: 1,215.73

Trading recommendations: Buying gold at this stage looks risky since price didint broke Fibonacci retracement 38.2%.

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