FX.co ★ Gold analysis for August 08, 2014

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,322.45 in a volume above average according to the daily time frame. According to the 4H timeframe, we can observe demand in a high volume. So, selling at this stage looks riksy. Our Fibonacci retracement 61.8% at the price of 1,321.00 is on the test. If the price breaks the level of 1,321.00 in a higher volume, we may see testing the level of 1,343.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,315.75

R2: 1,318.91

R3: 1,324.03

Support levels:

S1: 1,305.51

S2: 1,302.35

S3: 1,297.23

Trading recommendations: Selling Gold looks risky, so watch for potential buying opportunities if the price breaks the level of 1,321.00