FX.co ★ Gold: analysis for September 07, 2015

Overview:

Since our last analysis, gold has been trading sideways around $1,120.00. Low activity is observed in the market today. We are waiting for larger activity and higher volume. As we had expected, the price tested the level of $1,122.67. According to the daily time frame, we can observe a weak supply bar in an average volume. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will get the second support around $1,085.00. According to the H1 time frame, we can observe a sign of strength on the background. Anyway,we got a potential stopping volume. The intraday trend is neutral.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,122.00

R2: 1,123.45

R3: 1,124.00

Support levels:

S1: 1,119.00

S2: 1,118.70

S3: 1,117.00

Trading recommendations: Neutral market. Wait for clear direction to confirm further direction. Strong support is seen near the level of $1,117.00.