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    Gold : analysis for August 04 , 2015

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    Overview:

    Since our last analysis, gold has been trading upwards. The price tested the level of $1,094.71. According to the daily time frame, we can observe weak supply and small real body. We can observe a volume spike (buying climax) followed by supply (sign of weakness) in the background. Fibonacci retracement 61.8% at the level of $1,094.00 is on the test. According to the 30M time frame, we can observe the buying climax (potential hidden selling).

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,095.00

    R2: 1,099.00

    R3: 1,104.00

    Support levels:

    S1: 1,085.50

    S2: 1,082.30

    S3: 1,078.00

    Trading recommendations: Be careful when buying gold at this stage since we have a fake buying climax in the background.


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