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Gold : analysis for September 01, 2015

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,144.53. According to the daily time frame, we can observe a weak demand bar. Anyway, we saw weakness in Fridays's price action in the H1 time frame. We got a buying climax with the wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. According to the H1 time frame, we can observe signs of weakness. We got no demand bars and potential buying climax.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,135.60

R2: 1,138.00

R3: 1,142.00

Support levels:

S1: 1,127.00

S2: 1,125.00

S3: 1,120.00

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



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