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30.09.2015 03:57 PM
Gold : analysis for September 30 , 2015

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Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,112.86. 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 successful rejection from a point in the control zone ($1,126.80). According to the daily price action, we broke the support level at $1,121.50 and the nest support level is seen at $1,102.00. Today, we got control point at the level of $1,124.90.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,132.45

R2: 1,134.85

R3: 1,138.70

Support levels:

S1: 1,124.75

S2: 1,122.35

S3: 1,118.50

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

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