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09.10.201512:02 Forex Analysis & Reviews: Gold: analysis for October 09, 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.

Exchange Rates 09.10.2015 analysis

Exchange Rates 09.10.2015 analysis

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,154.47. An intraday trend is upward. 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 (massive selling climax) around the level of $1,140.00. Support at the level of $1,142.00 was successfully held, so watch only for potential buying 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 $1,170.00 is the first strong resistance.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,146.65

R2: 1,148.31

R3: 1,151.41

Support levels:

S1: 1,140.30

S2: 1,138.45

S3: 1,134.40

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

Petar Jacimovic
Analytical expert of InstaForex
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