FX.co ★ Gold analysis for September 23, 2014

Overview: 

Since our last analysis, gold has been trading upwards. The price tested the level of 1,234.73. According to the 4H time frame, we can observe testing of our Fibonacci retracement 61.8% at the price of 1,229.00. If the price breaks the level of 1,229.00 in an high volume, we may see potential testing the level of 1,240.00 (swing high like resistance). Anyway, if the price rejects from our Fibonacci retracement 61.8% we may see possible bearish continuation. 

Daily pivot Fibonacci points: 

Resistance levels: 

R1: 1,220.56

R2: 1,223.44 

R3: 1,228.10 

Support levels 

S1: 1,211.24 

S2: 1,208.34 

S3: 1,203.70 

Trading recommendations: Buying still looks risky since price is near the resistance level.