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07.10.201511:22 Forex Analysis & Reviews: Gold : analysis for October 07 , 2015

Long-term review

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,152.82. The intraday trend is neutral. In the daily time frame, I found a trading range between $1,170.00 (resitance) and $1,098.50 (support). In the H1 time frame, we can observe weakness around the level of $1,152.00. A potential downward target is at $1,110.00. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, intraday selling opportunities are preferable. The level of $1,142.00 is first support.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,149.60

R2: 1,152.85

R3: 1,158.10

Support levels:

S1: 1,139.15

S2: 1,135.90

S3: 1,130.65

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

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