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Gold analysis for November 04 , 2015

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Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,114.28. The intraday and short-term trends are downward as the price is below the Ichimoku cloud on the daily, H4 and H1 charts. In the daily time frame, we can observe a strong supply bar in a high volume volume. According to the H4 time frame, we can observe strong and healthy supply bars, which is a sign that buying looks risky. Watch for selling opportunities. Major daily support and our first profit zone is at the price of $1,104.00. Second major support is around the price of $1,083.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,128.90

R2: 1,133.60

R3: 1,141.50

Support levels:

S1: 1,113.20

S2: 1,108.20

S3: 1,100.50

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



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