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01.10.201415:56 Forex Analysis & Reviews: Gold analysis for October 01, 2014

Long-term review

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,213.86. According to the 4H time frame, we can observe rejection from our support level at the price of 1,206.00, which caused price to start with upward movement. If the price breaks the level of 1,206.00 in a high volume and healthy price action, we may see potential testing the level of 1,194.00 (Fibonacci expansion 100%). According to the daily chart, we can observe supply in a volume just above the average, which is sign that buying still looks unsafe.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,218.46

R2: 1,222.34

R3: 1,228.60

Support levels

S1: 1,205.94

S2: 1,202.06

S3:1,195.80

Trading recommendations: Buying still looks risky since we got strong rejection from our Fibonacci retracement 61.8% in the background

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