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14.04.201512:18 Forex Analysis & Reviews: Gold : analysis for April 14, 2015

Long-term review

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Overview :

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,187.51 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. The price broke our Fibonacci retracement 38.2% ($1,194.00). We may see potential testing at $1,177.00-$1,174.00. The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after retracement (correction).

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,207.04

R2: 1,214.77

R3: 1,220.00

Support levels :

S1: 1,193.85

S2: 1,188.56

S3: 1,180.80

Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.

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