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GOLD: Analysis for July 23, 2013
Since our last analysis, Gold has been trading in upwards movement, price broke our FE 100% at price 1,295.00 and tested level 1,339.00 as we marked on previous analyses like potential scenario. I placed Fibonacci expansion levels to find the potential end of up corrective phase. Thus, price broke FE 100% (1,295.00), we may testing of FE 161.8% at price 1,348.00 before we continue with down movement . We are still likely to see testing of the weekly FE level 161.8% at price 1,151.00. I saw demand bar on volume below the average, according to the daily chart which is the sign that we may see supply coming on the market. The current situation on (4H) is that we tested level 1,329.00 (SR zone) on volume above the average. That is the sign that Gold may continue its down movement. Since we are in the short-term downtrend and observe weak demand on the daily chart, buying Gold looks very risky and I advise you to watch for selling opportunities.
Daily pivot Fibonacci points:
R2 : 1,344.85
R3 : 1,355.55
S1 : 1,316.85
S2 : 1,310.25
S3 : 1,299.55
Trading recommendation: Operating with metal, be careful with short-term buying and look for selling opportunities. My recommendation for down short-term target is 1,151.00.
The material has been provided by InstaForex Company – www.instaforex.com