Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,179.20 in a very high volume. The short- and mid-term trend changed from downward to upward. In the daily time frame, we can observe a neutral bar in an average volume. In the H1 time frame, we can observe strong upward momentum and rejection from strong support cluster at the price of $1,165.00. Major resistance is at the price of $1,191.50.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,168.20
R2: 1,169.40
R3: 1,171.35
Support levels:
S1: 1,164.30
S2: 1,163.10
S3: 1,161.15
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.
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 23 , 2015 . Thanks for your support.
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