Daily technical analysis of GOLD By INSTAFOREX

[painofhell]

Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,094.70 in a high volume. According to the daily time frame, we can observe a weak small real body. I found a strong trading range between the prices of $1,077.00 (support) and $1,108.00. Selling gold around our support looks very risky and my advice is to watch for a potential breakout of the trading range to confirm further direction. According to the H1 time frame, we can observe weak supply in the background and buyers' response, which is a sign that selling gold looks risky at this stage. I have placed Fibonacci retracement from most recent upward leg in the M30 time frame. Fibonacci retracement 61.8% at the price of $1,090.00 is on the test. The trend is still neutral.

Trading recommendations:
Be careful when selling gold at this stage since the price is near our strong support. Watch for a breakout of our trading range to confirm further direction. Buyers are in control today.

 

[painofhell]

Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,126.20. The intraday trend is neutral. According to the daily time frame, we can observe a supply bar in an average volume. In the M1 time frame, we can observe big weakness (buying climax, supply coming in) around the level of $1,130.35, which is a sign that buying looks risky at this stage. Watch for potential selling opportunities after retracement

Trading recommendations:
Resistance at the price of $1,1350.40 held successfully. Watch only for potential selling opporutnities after retracement (weak demand

 

[painofhell]

Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,144.80. The intraday trend is upward. In the daily time frame, we can observe a demand bar in an average volume. In the M15 time frame, we can observe a successful test at the supply level of $1,134.00. It encouriged buyers to buy and we got nice result from the test. We got resistance at the level of $1,169.00. Watch for buying opportunities on dips.

Trading recommendations:
Be careful when selling gold at this stage and watch for potential buying opportunities

 

[painofhell]

Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,124.11. The intraday trend is downward, so watch only for selling opportunities after retracement. In a daily time frame, we can observe a supply bar in an average volume. In the M15 time frame, we can observe a successful rejection from a point in the control zone ($1,133.25). According to the daily price action, we got support levels at t$1,121.50 and $1,102.00. Today, we got 2 point of control. One is at the level of $1,132.40 and second is at the level of $1,126.50.

Trading recommendations:
Be careful when buying gold at this stage and watch for potential selling opportunities after retracement

 

[painofhell]

Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,115.10. An intraday trend is downward, so watch only for selling opportunities after retracement. In the daily time frame, we can observe a supply bar in an average volume. In the M15 time frame, we can observe a peak volume at the level of $1,115.10 (point of control). Also, we can observe lack of demand at the level of $1,114.10 (no demand bar). According to the daily price action, we broke the support level at $1,121.50 and the next support level is seen at $1,102.00. Daily Fibonacci pivot points :

Trading recommendations:
Be careful when buying gold at this stage and watch for potential selling opportunities after retracement

 

[painofhell]

Overview:
Since our last analysis, gold has been trading sideways around the price of $1,138.00. The intraday trend is neutral. In the daily time frame, we can observe testing of Fibonacci retracement 61.8% at the price of $1,136.70 and a neutral bar (indecision). In the M30 time frame, we can observe a massive volume spike (Friday news) and buying climax. After the volume spike, we created a small trading range between the prices of $1,141.00 (resistance) and $1,129.90. I placed Fibonacci retracement to find potential support levels and got Fibnacci retracement 38.2% at the price of $1,127.00, Fibonacci retracement 50% at the price of $1,123.00 and Fibonacci retracement 61.8% at the price of %1,118.50. A potential downward target is near the price of $1,110.00. Anyway, if the price breaks the level of $1,141.00 in a high volume, we may see possible testing of the level of $1,156.00.

Trading recommendations:
Be careful when buying gold at this stage and watch for potential selling opportunities after retracement

 

[painofhell]

Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,140.23. An intraday trend is neutral. In the daily time frame, I found a trading range between $1,170.00 (resitance) and $1,098.50 (support). In the H1 time frame, we can observe strength (reversal up-thrust) around the level of $1,140.00. Support at the level of $1,142.00 was successfully held, so watch only for potential selling opportunities. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, intraday buying opportunities are preferable. The level of $1,152.00 is the first resistance.

Trading recommendations:
Be careful when selling gold at this stage and watch for potential buying opportunities on the dips

 

[painofhell]

Overview:
Since our last analysis, gold has been trading sideways around the price of $1,174.00 in a high volume. The short-mid term trend changed from upward to downward. In the daily time frame, we can observe a demand bar in an average volume but with weak close. Besides, the 200 SMA successfully held around the price of $1,175.00. In the M30 time frame, we can observe a strong resistance cluster around the level of $1,175.00. Selling opportunities are preferable. Support levels are at the prices of $1,166.00, $1,156.00, and $1,142.00. Only if the price breaks the level of $1,192.00, we may see further upward movement.

Trading recommendations:
Be careful when buying gold at this stage and watch for potential selling opportunities. The first support level is around the price of $1,166.00.

 

[painofhell]

Overview:
Since our last analysis, gold has been trading downwards. As I had expected, our profit target at $1,046.21 was met. In the daily time frame, I found a strong supply bar and rejection from our SMA 10. In the M30 time frame, as I had expected, the price reacted from intraday support at $1,046.00. Watch for a potential breakout of $1,046.00 to confirm further downward continuation. Intraday resistance is now at the level of $1,054.00. Next daily support level is seen at $987.00.

Trading recommendations:
Be careful when buying gold because we have a strong rejection from our resistance and gold is in the strong downward trend. Watch for potential selling opportunities.

 

[painofhell]

Overview:
Since our last analysis, gold has been trading downwards.As I had expected, the price tested the level of $1,066.28 in a high volume. In the daily time frame, our SMA 10 was broken and this is the first sign of a potential change in the trend's dynamic. According to the H1 time frame, price rejected from our key support at the price of $1,069.00. I expect testing of $1,088.50. I have placed Fibonacci expansion to find potential profit targets. I got Fibonacci expansion 61.8% at the level of $1,092.50, Fibonacci expansion 100% at the level of $1,108.00 and Fibonacci expansion 161.8% at the level of $1,134.50.

Trading recommendations:
Be careful when selling gold because we can observe strong demand in the background. Watch for potential buying opportunities on dips.