FX.co ★ Gold: analysis for September 21 , 2015

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,129.43. The intraday trend is neutral. According to the daily time frame, we can observe a demand bar in an average volume. In the M30 time frame, we can observe weakness around the level of $1,135.50, which is a sign that buying looks risky at this stage. Also, I found potential wyckoff distribution phase from the top, which is another sign of weakness.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,138.60

R2: 1,139.30

R3: 1,140.35

Support levels:

S1: 1,136.50

S2: 1,135.80

S3: 1,134.75

Trading recommendations: Resistance at the price of $1,135.50 held successful. Watch only for potential selling opporutnities after retracement (weak demand).