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Gold analysis for December 08, 2015

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Overview:

Since our last analysis, gold has been trading downwards.As I had expected, the price tested the level of $1,066.28 in a 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 H1 time frame, price rejected from our key support at the price of $1,069.00. I expect testing of $1,088.50. I have placed Fibonacci expansion to find potential profit targets. I got Fibonacci expansion 61.8% at the level of $1,092.50, Fibonacci expansion 100% at the level of $1,108.00 and Fibonacci expansion 161.8% at the level of $1,134.50.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,082.00

R2: 1,086.50

R3: 1,093.85

Support levels:

S1: 1,067.45

S2: 1,062.95

S3: 1,055.65

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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