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Gold : analysis for August 28 , 2015

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,132.79. According to the daily time frame, we can observe a test of supply bar (potential sign of strengh). Anyway, we saw weakness in today's price action in the H1 time frame. We got no demand bar and up-thrust bar. Watch only for selling opportunities after retracement. Strong support has been seen at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. On the background, we can observe a strong sign of weakness (supply came in), which shows that this can be a turning point in the mid-term prospect.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,127.00

R2: 1,129.00

R3: 1,134.00

Support levels:

S1: 1,118.30

S2: 1,115.60

S3: 1,111.20

Trading recommendations: The strong sign of weakness is in the background. Watch only for selling opportunites after retracement.



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