FX.co ★ Gold : analysis for October 01 , 2015

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,115.10. An 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 peak volume at the level of $1,115.10 (point of control). Also, we can observe lack of demand at the level of $1,114.10 (no demand bar). According to the daily price action, we broke the support level at $1,121.50 and the next support level is seen at $1,102.00. Daily Fibonacci pivot points :

Resistance levels

R1: 1,123.20

R2: 1,126.45

R3: 1,131.75

Support levels:

S1: 1,112.55

S2: 1,109.30

S3: 1,104.00

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