21.10.201513:43 Forex Analysis & Reviews: Gold analysis for October 21, 2015

Long-term review

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Overview:

Since our last analysis, gold has been trading sideways around the price of $1,174.00 in a high volume. The short-mid term trend changed from upward to downward. In the daily time frame, we can observe a demand bar in an average volume but with weak close. Besides, the 200 SMA successfully held around the price of $1,175.00. In the M30 time frame, we can observe a strong resistance cluster around the level of $1,175.00. Selling opportunities are preferable. Support levels are at the prices of $1,166.00, $1,156.00, and $1,142.00. Only if the price breaks the level of $1,192.00, we may see further upward movement.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,179.25

R2: 1,181.70

R3: 1,185.70

Support levels:

S1: 1,171.30

S2: 1,168.85

S3: 1,164.90

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities. The first support level is around the price of $1,166.00.

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