For Traders

Analytical Reviews

Technical analysis

02.09.201511:05 Forex Analysis & Reviews: Gold : analysis for September 02, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,135.31. According to the daily time frame, we can observe a weak demand bar (no demand bar). Anyway, we saw weakness in Fridays's price action on the H1 time frame. We got a buying climax with a wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. According to the H1 time frame, we can observe signs of weakness. We got potential buying climax and up-thrust.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,145.00

R2: 1,148.00

R3: 1,153.00

Support levels:

S1: 1,135.00

S2: 1,132.00

S3: 1,126.00

Trading recommendations: The strong sign of weakness is seen on the background. Watch only for selling opportunites after retracement.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.