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Gold analysis for August 05 , 2015

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Overview:

Since our last analysis, gold has been trading sideways around the price of $1,087.00. According to the daily time frame, we can observe a weak small real body. I found a strong trading range between the price of $1,077.00 (support) and $1,108.00. Selling gold around our support looks very risky and my advice is to watch for potential breakout of trading range to confirm further direction. According to the M15, we can observe selling climax (hidden buying) and successful test bar, which is a sign that buyers are in control. The trend is neutral.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,093.85

R2: 1,097.21

R3: 1,102.00

Support levels:

S1: 1,083.50

S2: 1,079.30

S3: 1,074.00

Trading recommendations: Be careful when selling gold at this stage since the price is near our strong support. Watch for breakout of our trading range to confirm further direction. Buyers are in control today.



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