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Gold analysis for August 12 , 2015

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Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price went to test the level of $1,119.63. According to the daily time frame, we can observe a demand in a volume above the average. I found a strong trading range between the prices of $1,077.00 (support) and $1,108.00. According to the H1 time frame, we can observe strong demand (wide spread) in an ultra high volume (buying climax) in the background. Our resistance at the price of $1,119.00 is on the test agian. Watch for a potential breakout of our trading range to confirm further direction.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,116.56

R2: 1,122.58

R3: 1,132.50

Support levels:

S1: 1,096.84

S2: 1,090.76

S3: 1,080.90

Trading recommendations: Be careful when selling gold at this stage. Watch for a breakout of our trading range to confirm further direction. Buyers are in control in the short term today.



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