FX.co ★ Gold analysis for June 11, 2014

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,264.52. As you can see in the graph, we can observe demand on ultra high volume (buying climax) according to the 1H timeframe . Be careful with selling Gold at this stage since we got strong demand on the market. Since the price our resistance level at 1,257.50 (swing high), we may see possible testing the level of 1,268.00 (swing low like resistance).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,263.23

R2: 1,266.47

R3: 1,271.70

Support levels:

S1: 1,252.77

S2: 1,249.53

S3: 1,244.30

Trading recommendation:
Watch for potential bullish movement and first upper station around the price of 1,268.00.