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Daily technical analysis of GOLD By INSTAFOREX

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  #1  
Old 23-05-2015, 12:50
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Default Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading sideways around the level of $1,205.00. The price supports cluster around the level of $1,203.00. We can observe supply in a high volume with strong price action in the daily time frame. The short-term trend is neutral. The daily resistance at the level of $1,224.00 held successfully. If the price breaks the level of $1,224.00 in a high volume and strong price action takes place, we may see possible testing at the level of $1,250.00 (Fibonacci expansion 100%). Anyway, I found strong trading range between the price of $1,214.00 and $1,201.00. I am waiting for a clear breakout with high volume to confirm direction.

Trading recommendations:
Be careful when buying gold below the price of $1,225.00.




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  #2  
Old 03-06-2015, 10:13
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Technical outlook and chart setups:
Gold is trading around the level of $1,190.00 at the moment after pulling back from $1,195.00 on the higher side. Please note that the metal has already tested the trend-line support twice earlier and also bounced from the fibonacci 0.786 level of the rally between $1,168.00 and $1,231.00. It is hence recommended to remain long now with risk around $1,168.00. Immediate support is seen at the level of $1,180.00 (interim) followed by $1,168.00, $1,162.00, and lower. Resistance is seen at $1,215.00 (interim) followed by $1,231.00, $1,235.00/40.00, and higher respectively.

Trading recommendations:
Remain long for now, stop is at $1,168.00, a target is open.

Good luck!




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  #3  
Old 12-06-2015, 17:37
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading downwards. The price tested the level of $1,176.57 in a ultra-high volume. In the daily time frame, we can observe a supply bar in a volume below the average. In the M30 time frame, we can observe volume spike (buying climax) at the price of $1,185.00 in the background, which is sign that buying looks risky. Anyway, I am neutral on this pair since we got major support around the level of $1,168.00-$1,162.00. Since we got strong buying climax in the background, bearish side is more possible.

Trading recommendations:
Buying climax around the price of $1,184.00 in the background. Buying gold at this stage looks risky.




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  #4  
Old 19-06-2015, 18:31
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading sideways around the price of $1,202.00. In the daily time frame, we can observe a strong bullish bar in a volume below the average. According to the M15 time frame, I found trading range between the prices of $1,205.00 and $1,198.00. I am waiting for a stronger price action and breakout to confirm further direction. I placed Fibonacci retracement to find potential resisntace and got Fibonacci retracement 61.8% at the price of $1,205.00. If the price breaks the level of $1,205.00 in a high volume and strong price action, we may see possible testing of the level of $1,216.00 (Fibonacci expansion 61.8%).

Trading recommendations:
I found trading range between the prices of $1,205.00 and $1,198.00. Wait for clear breakout with high volume to confirm further direction.




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  #5  
Old 24-06-2015, 22:26
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading downwards. As we expected, the price tested the level of $1,170.18 in an ultra-high volume (selling climax). In the daily time frame, we can observe a bearish bar in a volume below the average. Our trading range between the levels of $1,205.00 and $1,198.00 was finally broken and caused a downward movement. Anyway, selling looks risky at this stage because we got major support around $1,168.88 - $1,162.00. According to the M30 time frame, we can observe a selling climax bar (ultra high volume bar) on our support level. Bullish correction is still possible. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the level of $1,183.00, Fibonacci retracement 50% at $1,188.00, and Fibonacci retracement 61.8% at %1,192.00. The short-term trend is bearish. Watch for selling opportunities if the price breaks major support.

Trading recommendations:
Sellers are in control on the market. Be careful when buying gold. Watch for potential selling opportunities below the level of $1,163.00.




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  #6  
Old 30-06-2015, 22:58
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading sideways around $1,175.00. We can observe a gap zone between the levels of $1,175.00 and $1,181.00. Our gap zone is broken since the price has tested the level of $1,171.00. I am waiting for stronger price actions and a larger volume. In the daily time frame, we can observe a bearish bar in a volume above the average. Selling looks risky at this stage, because we got major support around $1,168.88 - $1,162.00. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of $1,183.00, Fibonacci retracement 50% at $1,188.00, and Fibonacci retracement 61.8% at %1,192.00. The short-term trend is bearish. Watch for selling opportunities if the price breaks major support.

Trading recommendations:
Be careful when selling gold since we can observe a strong suppot level around the price of of $1,162.00. Watch for selling opportunities just below the level of $1,162.00.




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  #7  
Old 02-07-2015, 21:00
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading downwards. As we expected, the price tested the level of $1,159.05 in an average volume. Our support cluster around the price of $1,162.00 was finally broken. Buying looks risky at this stage, because major support at the price of $1,162.00 was broken. We may expect potential testing of the levels of $1,142.00 and $1,131.00 (swing lows). The short-term trend is bearish. Watch for selling opportunities after retracements.

Trading recommendations:
Be careful when buying gold since our strong support at the price of of $1,162.00 got broken. Watch for selling opportunities after retracements.




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  #8  
Old 06-07-2015, 20:23
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading sideways around the price of $1,166.00. I am still awaiting a stronger price action and larger activity to confirm further direction. According to the H4 time frame, our support cluster around the price of $1,162.00 got broken but we can observe a pin bar, which is a sign of a weak breakout and potential fake breakout. Selling looks risky at this stage, because support at the price of $1,162.00 is still active. The short-term trend has changed from bearish to neutral. We got a new low at the price of $1,157.00. If the price breaks the level of $1,157.00 in a high volume, we may see possible testing of the level of $1,147.00. Otherwise, bullish phase is possible.

Trading recommendations:
Be careful when selling gold since our strong support at the price of of $1,162.00 is still active. We can observe indecision market. Wait for larger activity and stronger price action to confirm further direction.




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  #9  
Old 08-07-2015, 15:41
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading downwards. The price has tested the level of $1,147.03 in an ultra high volume (selling climax). According to the daily time frame, we can observe selling climax (potential hidden buying) in the background. According to the H1 time frame, our support cluster around the price of $1,162.00 got broken in an ultra high volume. Also, we can observe strength near the price of $1,147.00, which is a sign that bullish correction is possible. The first resistance level is at the price of $1,159.00. If the price breaks the level of $1,159.00, we may see possible testing of the level of $1,163.00, $1,174.00. Selling looks risky at this stage because of the climatic action on the low. The short-term trend is bearish.

Trading recommendations:
Supply in an ultra high volume is in the background (selling climax). Be careful when selling around the price of $1,147.00 since the price created support there. Bullish phase is in progress. Watch for selling opportunities only if you see weak demand near resistance levels.




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  #10  
Old 10-07-2015, 15:33
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading sideways around the level of $1,161.00. According to the daily time frame, we can observe neutral bar (indecision) in a volume above the average. According to the H1 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,157.00. There is a chance that the price will come back into our major trading rage between $1,162.00 and $1,231.00. The short-term trend is neutral.

Trading recommendations:
Indecision market. Be careful when selling around the level of $1,160.00 since we got support level around $1,157.00.




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  #11  
Old 16-07-2015, 20:28
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading downwards. The price tested the level of $1,142.53. According to the daily time frame, we can observe weak bearish bar in a volume below the average. According to the H4 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,142.00 and $1,141.00. Our strong diagonal (support) trendline got broken but with very weak volume and price action. So, be careful about a fake breakout.

Trading recommendations:
Weak downward movement is on the market. Be careful when selling gold around the price of $1,140.00.




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  #12  
Old 20-07-2015, 15:56
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Gold has been trading downwards. The price tested the level of $1,085.15. According to the daily time frame, we can observe a strong bearish bar in an ultra-high volume (selling climax). According to the H1 time frame, we can observe supply in an ultra-high volume. Since the price has broken support at $1,132.00, we may expect potential testing of the level of $1,035.00 (monthly support). Watch for potential selling opportunities after retracement. Selling climax is active so selling at this stage looks risky because of possible bullish correction.The resistance level is around the price of $1,118.00.

Trading recommendations:
Supply in an ultra-high volume is observed on the market. Watch for a potential selling after retracement




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  #13  
Old 31-07-2015, 19:12
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,103.25. According to the daily time frame, we can observe weak demand and small real body. According to the H1 time frame, a fake breakout of our support level at $1,086.00 is taking place in the background. We can also observe volume spike (buying climax), which is a sign that there is strong buyers on the market The price got back into our trading range between the levels of $1,086.00 and $1,118.00. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of $1,127.00, Fibonacci retracement at 50% at the price of $1,141.00, and Fibonacci retracement 61.8% at the level of $1,157.00.

Trading recommendations:
Be careful when selling gold at this stage since we have a fake breakout in the background.




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  #14  
Old 07-08-2015, 18:25
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

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.




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  #15  
Old 14-08-2015, 20:57
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price went to test the level of $1,112.33. According to the daily time frame, we can observe a bearish bar in a volume below the average. The price finaly broke our resistance at the level of $1,115.00. According to the H1 time frame, we can observe that our resistance at the price of $1,115.00 now acts like support. I found strong upward trendline and the price respected well that trendline, which is a sign that buyers are in control and that we may expect bullish movement. I placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the price of $1,127.00 (successfully held), Fibonacci retracement 50% at the price of $1,141.00, and the Fibonacci retracement 61.8% at the price of $1,157.00. According to Wyckoff analysis, we have strong accumulation and bottoming on gold, so watch only for buying opportunities on the dips (after bearish corrections).

Trading recommendations:
Be careful when selling gold at this stage. Watch for buying opportunites. Area around the price of $1,114.00 looks like very strong support and a good buy zone.




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  #16  
Old 19-08-2015, 18:13
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading upwards. According to the daily time frame, we can observe a neutral bar (doji) in a volume below the average. According to the 30M time frame, we can observe a volume spike (buying climax) with a wide-range bar at the price of $1,121.00, which is a sign that buying gold at this stage looks risky. According to Wyckoff analysis, we have strong accumulation and bottoming on gold, so watch only for buying opportunities on the dips (after bearish corrections). Anyway, to confirm further bullish movement, the price needs to break the level of $1,122.70 in a high volume. Intraday looks very risky for buying but the short term got a large sign of strength in the background

Trading recommendations:
Be careful when buying gold at this stage. Intraday selling opportunities are preferable




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  #17  
Old 21-08-2015, 22:00
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,168.05. According to the daily time frame, we can observe demand in an average volume. I placed diagonal trendline and the price stoped extacly on the trendline. Our Fibonacci retracement 50% is at the price of $1,155.00. Anyway, Gold is still in a bullish trend and we have successful testing of a supply bar at the price of $1,149.00. Intraday and short-term frames are favoring buyers. So watch for buying opportunities on the dips

Trading recommendations:
Watch only for buying opportuntiies on the dips (after corrections).




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  #18  
Old 27-08-2015, 20:30
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,117.58. According to the daily time frame, we can observe a strong supply bar in a high volume. Watch only for selling opportunities after retracement. Our support level at $1,125.00 is on the test. If the price breaks this support level, we will have the second support around the price of $1,111.00. In the background, we have a strong sign of weakness (supply came in), which is a sign that this can be a turning point in the mid-term prospect. According to today's price action in the H1 time frame, we saw that weakness has appeared.

Trading recommendations:
The strong sign of weakness is in the background. Watch only for selling opportunites after retracement





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  #19  
Old 01-09-2015, 22:21
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,144.53. According to the daily time frame, we can observe a weak demand bar. Anyway, we saw weakness in Fridays's price action in the H1 time frame. We got a buying climax with the wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. According to the H1 time frame, we can observe signs of weakness. We got no demand bars and potential buying climax.

Trading recommendations:
The strong sign of weakness is in the background. Watch only for selling opportunites after retracement




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  #20  
Old 04-09-2015, 19:47
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,122.67. According to the daily time frame, we can observe a weak supply bar (no-supply bar) in a volume below the average. Watch only for selling opportunities after retracement. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will get the second support around $1,085.00. According to the H1 time frame, we can observe sign of weakness (supply coming in). Anyway, in the background we got a potential stopping volume with low at the price of $1,122.00. I would like to see a breakout of that area to confirm further downward. The trend is strong in favor of sellers so buying looks risky. Be careful of the news relases today and trade safe.

Trading recommendations:
There is weak demand today on the market but stopping volume from yesterday is still in the play at the price of $1,122.00.




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  #21  
Old 09-09-2015, 20:52
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,119.90. According to the daily time frame, we can observe a weak demand bar which finished in the middle in an average volume (potential selling) . Strong support is found at the level of $1,117.50. If the price breaks this support level, we will get the second support around $1,085.00. In the H1 time frame, we can observe weak demand with a strong reaction from sellers. The intraday trend is bearish

Trading recommendations:
Bearish market. Watch for potential selling opportunities after correction.




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  #22  
Old 18-09-2015, 05:24
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,123.92. The intraday trend is neutral. According to the daily time frame, we can observe a demand bar in an average volume. According to the H4 time frame, we can observe a volume spike (potential buying climax) bar and weak close of the bar (closed on the middle), which means buying looks very risky at this stage and that selling is preferable. My advice is to watch for potential selling opporutnities after retracement. Support levels are at the prices of $1,107.60 and $1,100.00.

Trading recommendations:
Volume spike (potential buying climax) is at the price of $1,123.60. Be very careful when buying gold at this stage and watch only for selling opportunities after retracement. We may expect strong reaction from sellers and potential absorption volume.




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  #23  
Old 22-09-2015, 20:41
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

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




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  #24  
Old 25-09-2015, 00:21
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

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




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  #25  
Old 29-09-2015, 16:09
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

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




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  #26  
Old 01-10-2015, 19:05
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

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




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  #27  
Old 06-10-2015, 21:51
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

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




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  #28  
Old 08-10-2015, 10:09
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

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




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  #29  
Old 21-10-2015, 23:28
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

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.




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  #30  
Old 29-10-2015, 12:05
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downward. The price tested the level of $1,152.13. The intraday and short-term trends changed from upward to downward. In the daily time frame, we can observe an strong supply bar in a high volume. In the H1 time frame, we can observe a volume spike (massive selling climax) in the background at the level of $1,152.13. Also, our strong support at the level of $1,162.00 now act like strong resistance. The price is below Ichimoku cloud in all frames from M1 to H4. Be careful when buying at this stage since we may expect a downward continuation. Only if the price breaks the level of $1,183.00, it will confirm absorption. Otherwise, watch only for selling opportunities

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




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  #31  
Old 30-10-2015, 17:58
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downward. As we expected, the price tested the level of $1,144.60. The intraday and short-term trends changed from upward to downward. In the daily time frame, we can observe a strong supply bar in a high volume. In the H1 time frame, we can observe a successful rejection from our strong resistance level at the price of $1,162.00. Besides, according to the H1 time frame, we can observe weak demand bars, which is a sign that buying looks risky. Watch for selling opportunities. Major daily support is at the price of $1,104.00.

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




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  #32  
Old 05-11-2015, 15:39
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,106.26. The intraday and short-term trends are downward as the price is below the Ichimoku cloud on the daily, H4, and H1 charts. In the daily time frame, we can observe a strong supply bar in a high volume. According to the H4 time frame, we can observe strong and healthy supply bars, which is a sign that buying still looks risky. Watch for selling opportunities since our first profit zone around the price of $1,106.00 has been met. The second major support is around the price of $1,083.00.

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




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  #33  
Old 10-11-2015, 20:12
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading sideways around the price of $1,093.00. As we had expected, the price tested the second major support at the level of $1,085.00. We can observe a massive volume spike (selling climax), which is a sign that selling gold at this stage looks risky. A trend is still downward, but since we got the massive volume spike at the critical support level we may expect an upward correction to take place. According to the price action, we have support levels at the price of $1,095.55 and stronger resistance level at the price of $1,102.00-$1,106.00.

Trading recommendations:
Be careful when selling gold at this stage since the price is testing the key support level and we got the massive volume spike. Anyway, if the price breaks the level of $1,079.50 in a high volume, we may see downward continuation.




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  #34  
Old 13-11-2015, 00:48
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading sideways around the level of $1,087.00. Our major support is at the price of $1,085.00. We can observe a massive volume spike (selling climax) in the background, which is a sign level of $1,085.00. According to the M30 time frame, I found a strong supply trend line and the price tested the trend line few times. Watch for potential intraday selling opportunities. If the price breaks the major support level ($1,079.00), we may see potential testing at $1,043.00.

Trading recommendations:
Watch for a potential breakout of our trading range. If the price breaks the level of $1,079.50 in a high volume, we may see further downward movement. Selling opportunities are also preferable in intraday.




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  #35  
Old 18-11-2015, 17:22
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,064.70. According to the daily time frame, I found a strong downward bar in a high volume. Our strong support around the level of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. According to the M5 time frame, I found a volume spike on an up bar (buying climax) in the background and potential intraday distribution trading range. Selling opportunities are preferable. Support level is found at $1,064.50.

Trading recommendations:
Be careful when buying gold since the price has broke our major support level. Watch for potential selling opporutnities.




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  #36  
Old 20-11-2015, 11:25
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,087.21. In the daily time frame, I found a strong demand bar in a high volume testing our SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the M30 time frame, I found a volume spike (buying climax ) at the level of $1,083.70 and then the up-thrust bar (sellers overcomed buyers). Be careful when buying at this stage and watch for potential intraday selling opportunities.

Trading recommendations:
Be careful when buying gold since the price testing our strong resistance level. Watch for potential selling opporutnities.




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  #37  
Old 24-11-2015, 18:38
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,075.02. In the daily time frame, I found a supply bar in a high volume and rejection from our SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the 1H time frame, I found very low activity and corrective movements. I have placed a diagonal trend line, and a potential breakout of this line will confirm a further continuation downwards. Next strong daily support is seen around the level of $1,046.00.

Trading recommendations:
Be careful when buying gold since the price is testing our strong resistance level. Watch for potential selling opporutnities




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  #38  
Old 26-11-2015, 21:17
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading sideways around the level of $1,072.00. In the daily time frame, I found a supply bar and rejection from the SMA10. Our strong support around the levels of $1,075.00-$1,080.00 has become a strong resistance (changing polarity) now. In the M30 time frame, our diagonal trend line got broken today, so watch for intraday selling opportunities. I also spoted strong rejection from Fibonacci retracement 50% at the level of $1,074.00. Intraday support is found at $1,065.00. Next strong daily support is seen around the level of $1,046.00.

Trading recommendations:
Be careful when buying gold since I saw a breakout of the diagonal trend line. Watch for potential selling opportunities.




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  #39  
Old 27-11-2015, 17:47
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,066.68. In the daily time frame, I found a supply bar and rejection from the SMA10. Our strong support around the levels of $1,075.00-$1,080.00 has become strong resistance (changing polarity) now. In the M30 time frame, our diagonal trend line got broken today, so watch for intraday selling opportunities. I also spoted strong rejection from Fibonacci retracement 50% at the level of $1,074.00. Intraday support is found at $1,065.00. Next strong daily support is seen around the level of $1,046.00. The breakout in a high volume ($1,065.00) will confirm the further downside continuation.

Trading recommendations:
Be careful when buying gold since I saw a breakout of the diagonal trend line. Watch for potential selling opportunities.




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  #40  
Old 03-12-2015, 00:04
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Default Re: Daily technical analysis of GOLD By INSTAFOREX

Overview:
Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,059.94. In the daily time frame, I found a weak demand bar and rejection from our SMA 10. Our strong support around the levels of $1,075.00-$1,080.00 has become the strong resistance (changing polarity) now. In the M30 time frame, as I expected, the price reacted from intraday resistance of $1,074.00 (strong intraday resistance). Intraday support is seen around the level of $1,053.00. The next strong daily support is seen around the level of $1,046.00.

Trading recommendations:
Day traders should refrain from trading and wait for a better pattern to occur.




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