empty
 
 
17.09.2015 01:13 PM
Gold analysis for September 17, 2015

This image is no longer relevant

This image is no longer relevant

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,123.92. The intraday trend is neutral. According to the daily time frame, we can observe a demand bar in an average volume. According to the H4 time frame, we can observe a volume spike (potential buying climax) bar and weak close of the bar (closed on the middle), which means buying looks very risky at this stage and that selling is preferable. My advice is to watch for potential selling opporutnities after retracement. Support levels are at the prices of $1,107.60 and $1,100.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,120.15

R2: 1,122.55

R3: 1,126.40

Support levels:

S1: 1,112.45

S2: 1,110.00

S3: 1,101.95

Trading recommendations: Volume spike (potential buying climax) is at the price of $1,123.60. Be very careful when buying gold at this stage and watch only for selling opportunities after retracement. We may expect strong reaction from sellers and potential absorption volume.

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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