15.09.201511:19 Forex Analysis & Reviews: Gold : analysis for September 15 , 2015

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,105.00. As we expected, the price tested the level of $1,098.60. The intraday trend is neutral. According to the daily time frame, we can observe demand in a volume below average . Also, according to the daily time frame, we can observe that price supports the level of $1,107.00 (four days in a row). According to the H1 time frame, we can observe a potential climatic action in the background with later absorption, which means selling looks very risky. First resistance level is expected around $1,109.50. Anyway, my advice is to wait for changing in trend behavior before taking any setup. Support level is around the price of $1,1099.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,108.50

R2: 1,109.60

R3: 1,111.30

Support levels:

S1: 1,105.00

S2: 1,104.75

S3: 1,102.00

Trading recommendations: Absorption volume is seen in the H1 time frame. The trend is neutral. Selling still looks risky, so watch for potential buying opportunities if trend changes.