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Gold analysis for December 07, 2015

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,088.63 in an ultra high volume. In the daily time frame, our SMA 10 was broken and this is the first sign of a potential change in the trend's dynamic. According to the M30 time frame, I found a trading range between the prices of $1,082.00 and $1,088.30. Strong support is at the price of $1,072.40-1,069.60. Strong daily resistance is at the price of $1,100.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,084.95

R2: 1,085.80

R3: 1,087.25

Support levels:

S1: 1,082.15

S2: 1,081.25

S3: 1,079.85

Trading recommendations: Be careful when selling gold because we can observe strong demand in the background. Watch for potential buying opportunities on dips.



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