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Analysis: Almost Time to Sell Gold Again?

Analysis: Almost Time to Sell Gold Again?

Kristian A. Kerr,

Gold in USD terms has enjoyed a steady recovery over the past few weeks since finding support in mid-April near a Fibonacci projection related to the October and March highs in the 1320 area. However, within the context of a broader downtrend the price action of the past few weeks looks only corrective to us and susceptible to at least some sort of re-test of last month’s lows before embarking on a more important bottoming process.

Several medium-term Fibonacci and Gann time cycle relationships point to the latter half of this week and the first part of next week as a potential timeframe for a turn in the metal. Some final strength could be witnessed during this time, but important Gann & Fibonacci resistance in the 1495 to 1510 area is expected to hold. Weakness below the 3rd square root progression of the year-to-date low in the 1430 area would be further evidence that a renewed move lower is underway. On the other hand, a close over 1510 paves the way for a stronger immediate correction.

GOLD Daily Chart: May 9, 2013

range_xau_body_Picture_2.png, Analysis: Almost Time to Sell Gold Again?

Charts Created using Marketscope – Prepared by Kristian Kerr

Event Risk Over Coming Sessions:

range_xau_body_Picture_1.png, Analysis: Almost Time to Sell Gold Again?

Source: DailyFX Calendar

LEVELS TO WATCH

Resistance: 1488 (Last week’s high), 1497(1x2 Gann line from 2012 high)

Support: 1430 (Gann level), 1404 (50% retracement of April to May advance)

STRATEGY – Sell XAU/USD

Entry: 1495

Stop: Close above 1510

Target 1: 1404

Target 2: 1320

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

Are you looking for other ways to pinpoint support and resistance levels? Take our free tutorial on using Fibonacci retracements.

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