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Gold technical analysis for August 7, 2015

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,094.70 in a high volume. According to the daily time frame, we can observe a weak small real body. I found a strong trading range between the prices of $1,077.00 (support) and $1,108.00. Selling gold around our support looks very risky and my advice is to watch for a potential breakout of the trading range to confirm further direction. According to the H1 time frame, we can observe weak supply in the background and buyers' response, which is a sign that selling gold looks risky at this stage. I have placed Fibonacci retracement from most recent upward leg in the M30 time frame. Fibonacci retracement 61.8% at the price of $1,090.00 is on the test. The trend is still neutral.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,092.00

R2: 1,095.00

R3: 1,099.00

Support levels:

S1: 1,084.65

S2: 1,082.00

S3: 1,078.00

Trading recommendations: Be careful when selling gold at this stage since the price is near our strong support. Watch for a breakout of our trading range to confirm further direction. Buyers are in control today.



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