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08.10.201510:49 Forex Analysis & Reviews: Gold : analysis for October 08, 2015

Long-term review

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Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,140.23. An 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 strength (reversal up-thrust) around the level of $1,140.00. Support at the level of $1,142.00 was successfully held, so watch only for potential selling opportunities. 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 buying opportunities are preferable. The level of $1,152.00 is the first resistance.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,152.00

R2: 1,154.45

R3: 1,158.00

Support levels:

S1: 1,144.20

S2: 1,142.90

S3: 1,138.50

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on the dips.

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