FX.co ★ Gold analysis for August 22 , 2015

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,126.20. The intraday trend is neutral. According to the daily time frame, we can observe a supply bar in an average volume. In the M1 time frame, we can observe big weakness (buying climax, supply coming in) around the level of $1,130.35, which is a sign that buying looks risky at this stage. Watch for potential selling opportunities after retracement.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,137.00

R2: 1,139.00

R3: 1,141.90

Support levels:

S1: 1,131.20

S2: 1,129.37

S3: 1,126.45

Trading recommendations: Resistance at the price of $1,1350.40 held successfully. Watch only for potential selling opporutnities after retracement (weak demand).