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    Gold analysis for October 20 , 2015

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    Overview:

    Since our last analysis, gold has been trading upwards. The price tested the level of $1,174.00 in a high volume. The short-mid term trend is still upward. In the daily time frame, we can observe a supply bar in a volume below the average. In the H1 time frame, we can observe a support-cluster around the level of $1,171.00. Besides, the price broke a downward channel (bullish flag). I had placed major Fibonacci expansion to find potential objective points and got Fibonacci expansion 100% at the level of $1,191.00 and Fibonacci expansion 161.8% at the level of $1,247.00.

    Daily Fibonacci pivot points :

    Resistance levels

    R1: 1,176.70

    R2: 1,178.75

    R3: 1,182.00

    Support levels:

    S1: 1,170.25

    S2: 1,168.25

    S3: 1,165.00

    Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on dips. The next resistance level is seen around $1,191.00-$1,247.00.


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