11.09.201513:17 Forex Analysis & Reviews: Gold : analysis for September 11, 2015

Long-term review

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Overview:

Since our last analysis, gold has been trading sideways around the level of $1,107.00. The trend is downward. According to the daily time frame, we can observe a demand in an average volume but with a weak close . According to the H1 time frame, we can observe demand with a weak close, which is a sign that buying gold around the level of $1,107.00 looks risky. Support is found at the level of $1,101.00. I am still neutral, but selling opportuniites are preferable after retracement.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,112.00

R2: 1,115.00

R3: 1,117.00

Support levels:

S1: 1,106.00

S2: 1,104.00

S3: 1,101.540

Trading recommendations: We can see signs of the weakness on the H1 chart. The trend is downward. Watch for selling opportunities after retracement.

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