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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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