GOLD analysis for April 28, 2014

2014-04-28 13:07:26 – Best Cash Back Forex Rebates : GOLD analysis for April 28, 2014
Forex Report:

golddaily28.png

Overview:

Since our last analysis, gold has been trading upwards, as
we expected, the price tested the level of 1,306.28 on volume below the average
according to the 4H timeframe. As we already posted in the previous analysis, we
got submajor Fibonacci retracement 61.8% at the price of 1,307.00 (currently on
the test). Gold is in progress of bullish corrective phase and I’ve placed
Fibonacci retracement to find potential end of bullish corrective phase. I got
major Fibonacci retracement 38.2% at the price of 1,315.00 and Fibonacci
retracement 61.8% at the price of 1,344.00. If the price breaks the level of
1,307.00 on higher volume, we may see testing the level of 1,315.00. My advice
is to watch for selling opportunities after bullish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,305.21

R2: 1,305.89

R3: 1,307.00

Support levels:

S1: 1,302.99

S2: 1,302.31

S3: 1,301.20

Trading recommendation: Trading the metal, be careful with
short-term buying at this stage since gold is in progress of major bearish
corrective phase. Watch for selling opportunities after near term bullish
corrective phase.

The material has been provided by InstaForex Company – www.instaforex.com

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Like any trading or investment vehicle, there is a high level of financial risk in trading Forex. In particular, the increased amount of leverage offered in the Forex market means that a trader can lose all, or a large portion, of his trading capital if the market makes a significant move against the trader’s position.

Successful traders are aware of this risk, and carefully plan their trades in order to minimize the risks to their trading capital. Even with implementing risk management tools, the risks of trading Forex remain substantial.

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Source:

https://www.instaforex.com/forex_analysis/44703/

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