Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,170.59 in a high volume. The short-mid term trend is still upward. In the daily time frame, we can observe a supply bar in a volume below the average. In the H1 time frame, we can observe a support-cluster around the level of $1,171.00. I had placed major Fibonacci expansion to find potential objective points and got Fibonacci expansion 100% at the level of $1,191.00 and Fibonacci expansion 161.8% at the price of $1,247.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,170.70
R2: 1,178.30
R3: 1,179.00
Support levels:
S1: 1,175.90
S2: 1,175.40
S3: 1,174.50
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on dips. the next resistance level is seen around $1,191.00-$1,247.00.
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 October 19, 2015 . Thanks for your support.
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