Overview:
Since our last analysis, gold has been trading sideways around $1,120.00. Low activity is observed in the market today. We are waiting for larger activity and higher volume. As we had expected, the price re-tested the level of $1,117.00, which presets a strong support area. According to the daily time frame, we can observe a weak supply bar in a volume below the average (no supply). Strong support is found at the level of $1,117.50. If the price breaks this support level, we will get the second support around $1,085.00. According to the H1 time frame, we can observe a sign of strength on the background (test of the supply in on high volume). Anyway,we got a potential stopping volume in the background. The intraday trend is neutral.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,123.00
R2: 1,125.45
R3: 1,129.00
Support levels:
S1: 1,116.00
S2: 1,114.50
S3: 1,110.00
Trading recommendations: Neutral market. Wait for clear trend to confirm further direction. Strong support is seen near the level of $1,117.00.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Gold : analysis for September 08 , 2015 . Thanks for your support.
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