Gold analysis for January 27, 2015
Gold has been trading upwards for a certain time. As we anticipated, the price has tested the level of 1,288.33 in a very high volume. Consequently to the daily time frame, we have puny supply in a volume below the average, what made price to start with an upward movement. Following to the H1 time frame, we can watch an end of bearish corrective phase (abcd).
Our Fibonacci growth 161.8% at the price of 1,275.00 has been held profitably. Be observant while selling gold and wait for potential buying opportunities on the lows.
Daily Fibonacci pivot points:
Trading recommendations: Wait for potential buying opportunities after retracement (buy on the dips).