FX.co ★ Gold: analysis for September 28, 2015

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,129.22. The intraday trend is downward, so watch only for selling opportunities after retracement. In the daily time frame, we can observe a supply bar in an average volume. In the M15 time frame, we can observe a successful rejection from a point in the control zone ($1,145.80). According to the daily price action, we got support levels at t$1,121.50 and $1,102.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,146.50

R2: 1,147.10

R3: 1,148.00

Support levels:

S1: 1,144.60

S2: 1,144.00

S3: 1,143.00

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.