FX.co ★ Gold analysis for August 21, 2015

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,168.05. According to the daily time frame, we can observe demand in an average volume. I placed diagonal trendline and the price stoped extacly on the trendline. Our Fibonacci retracement 50% is at the price of $1,155.00. Anyway, Gold is still in a bullish trend and we have successful testing of a supply bar at the price of $1,149.00. Intraday and short-term frames are favoring buyers. So watch for buying opportunities on the dips.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,154.60

R2: 1,160.00

R3: 1,168.00

Support levels:

S1: 1,138.72

S2: 1,133.00

S3: 1,124.75

Trading recommendations: Watch only for buying opportuntiies on the dips (after corrections).