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Message: [QUOTE="FxGrow Support, post: 127373, member: 34135"] [B][SIZE=4]FxGrow Daily Technical Analysis – 09th May, 2017[/SIZE][/B] [I]By FxGrow Research & Analysis Team[/I] [B][SIZE=5]Gold Remains Under Pressure With Sideways Trading, Technical[/SIZE][/B] [IMG]http://i1148.photobucket.com/albums/o568/onestore40/gold_zpsx8wwzrju.png[/IMG] Gold dipped yesterday to 1220 but managed to reject bear forces and climbed back to 1236 high, then retreated to 1230 level at which the precious metal found hard time breaking creating a strong support. Later on, 1230 failed and plunged to 1225 as U.S Dollar hiked to 99.03 high. Gold currently trading 1228, and if the XAUUSD stayed below 1228 (H5 Pivot), expectations for further declines towards 1225 S1, in case of penetration, 1218 will be the next destination. The other scenario, long positions above 1228, market should expect buying demand seeing 1235 a the first station. If gold breaks 1235, traders should see 1239, 1240 as the next stage for gold bull forces. In absence of vital U.S economic news, gold should trade between support and resistance. Price range most preferable is between 1225 and 1236. Keep an eye on U.S Index levels, in case of strengthening, expectations of pressuring yellow metal aligned with congestion. Be careful from set backs at a first test on both support and resistance, only long positions below or above S&R can confirm gold's next destination. Trend: Bearish , but sideways trading is more expected. Five hours pivot 1228 Resistance levels: R1 1231.94, R2 1235.78, R3 1240.21 Support levels: S1 1225.04, S2 1221.95, S3 1218.66 [URL deleted] For more in depth Research & Analysis please visit FxGrow. [I][SIZE=1][B]Note:[/B] This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.[/SIZE][/I] [/QUOTE]

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