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20.04.201513:56 Forex Analysis & Reviews: Gold: analysis for April 20, 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.

Exchange Rates 20.04.2015 analysis

Exchange Rates 20.04.2015 analysis

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,200.00. According to the daily time frame, we can observe demand in a volume above the average, but the price action was weak (weak demand). I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 61.8% at $1,208.00 (held few times). I placed Fibonacci expansion to find potential bearish objective points and got Fibonacci expansion 61.8% at $1,185.00 and Fibonacci expansion 100% at $1,170.00. Major resistance is around the level of $1,220.00. Only if the price breaks that level, we may see a strong bullish movement. The short-term trend is neutral.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,206.40

R2: 1,207.06

R3: 1,208.15

Support levels:

S1: 1,204.26

S2: 1,203.60

S3: 1,202.53

Trading recommendations: Be careful when buying gold at this stage since our Fibonacci retracement 61.8% was successfully held.


Petar Jacimovic
Analytical expert of InstaForex
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