InstaForex - Analytics


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    Gold analysis for October 05 , 2015


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    Since our last analysis, gold has been trading upwards. The price tested the level of $1,141.06. The intraday trend is neutral. In the daily time frame, we can observe a testing of Fibonacci retracement 61.8% at the price of $1,136.70. In the M30 time frame, we can observe a massive volume spike (Friday news) and buying climax. After the volume spike, we created a small trading range and potential distribution phase. I have placed Fibonacci retracement to find potential support levels. I got Fibnacci retracement 38.2% at the price of $1,127.00, Fibonacci retracement 50% at the price of $1,123.00 and Fibonacci retracement 61.8% at the price of %1,118.50. A potential downward target is near the price of $1,110.00.

    Daily Fibonacci pivot points :

    Resistance levels

    R1: 1,138.40

    R2: 1,139.15

    R3: 1,140.30

    Support levels:

    S1: 1,136.00

    S2: 1,135.30

    S3: 1,134.20

    Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.

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