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    Gold : analysis for October 07 , 2015

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    Overview:

    Since our last analysis, gold has been trading upwards. The price tested the level of $1,152.82. The intraday trend is neutral. In the daily time frame, I found a trading range between $1,170.00 (resitance) and $1,098.50 (support). In the H1 time frame, we can observe weakness around the level of $1,152.00. A potential downward target is at $1,110.00. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, intraday selling opportunities are preferable. The level of $1,142.00 is first support.

    Daily Fibonacci pivot points :

    Resistance levels

    R1: 1,149.60

    R2: 1,152.85

    R3: 1,158.10

    Support levels:

    S1: 1,139.15

    S2: 1,135.90

    S3: 1,130.65

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


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