29.09.201513:07 Forex Analysis & Reviews: Gold : analysis for September 29, 2015

Long-term review

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,124.11. The intraday trend is downward, so watch only for selling opportunities after retracement. In a daily time frame, we can observe a supply bar in an average volume. In the M15 time frame, we can observe a successful rejection from a point in the control zone ($1,133.25). According to the daily price action, we got support levels at t$1,121.50 and $1,102.00. Today, we got 2 point of control. One is at the level of $1,132.40 and second is at the level of $1,126.50.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,132.80

R2: 1,133.00

R3: 1,133.15

Support levels:

S1: 1,132.70

S2: 1,132.50

S3: 1,132.30

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.

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