24.04.201216:51 Forex Analysis & Reviews: Gold analysis for February 19, 2015

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 upwards. As we expected, the price has tested the level of 1,221.07 in a high volume. According to the H4 time frame, we can observe rejection from our Fibonacci retracement at the price of 1,200.00. We are still waiting for larger activity on the market. I have placed Fibonacci retracement according to the low point at the price of 1,197.43 and got Fibonacci retracement 38.2% at the price of 1,240.00 and Fibonacci retracement 61.8% at the price of 1,265.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips).

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,209.79

R2: 1,213.61

R3: 1,219.18

Support levels :

S1: 1,197.47

S2: 1,193.59

S3: 1,187.40

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).

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.