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    Gold: analysis for October 13, 2015

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    Overview:

    Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,152.85. An intraday trend is downward. 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 supply (downward channel) in a high volume. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, the trend is still upward. The level of $1,170.00 successfully held and that is the reason why Gold entered a bearish corrective phase. The first support level is seen at $1,153.00-$1,144.00.

    Daily Fibonacci pivot points :

    Resistance levels

    R1: 1,166.20

    R2: 1,169.30

    R3: 1,173.45

    Support levels:

    S1: 1,158.40

    S2: 1,155.80

    S3: 1,151.65

    Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on dips. Strong resistance is seen around the level of $1,170.00.


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