empty
 
 
26.08.2015 11:54 AM
Gold: analysis for August 26, 2015

This image is no longer relevant

This image is no longer relevant

Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,133.22. According to the daily time frame, we can observe a strong supply bar in a high volume. I had placed diagonal trendline and the price stoped extacly on it. Our Fibonacci retracement 50% at the level of $1,155.00 was successfully held. Our trading range got broken and support level at $1,145.00 failed to hold. Watch only for selling opportunities after retracement. We got support levels at $1,125.00 and $1,112.00. In the background, we got strong sign of weakness (supply came in), which is a sign that this can be turning point in the mid-term prospect.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,151.00

R2: 1,156.00

R3: 1,165.00

Support levels:

S1: 1,134.35

S2: 1,129.00

S3: 1,120.80

Trading recommendations: The strong sign of weakness is in the background. Watch only for selling opportunites after retracement.

Summary
Urgency
Analytic
Petar Jacimovic
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback