Overview:
Since our last analysis, gold has been trading downwards.As I had expected, the price tested the level of $1,066.28 in a high volume. In the daily time frame, our SMA 10 was broken and this is the first sign of a potential change in the trend's dynamic. According to the H1 time frame, price rejected from our key support at the price of $1,069.00. I expect testing of $1,088.50. I have placed Fibonacci expansion to find potential profit targets. I got Fibonacci expansion 61.8% at the level of $1,092.50, Fibonacci expansion 100% at the level of $1,108.00 and Fibonacci expansion 161.8% at the level of $1,134.50.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,082.00
R2: 1,086.50
R3: 1,093.85
Support levels:
S1: 1,067.45
S2: 1,062.95
S3: 1,055.65
Trading recommendations: Be careful when selling gold because we can observe strong demand in the background. Watch for potential buying opportunities on dips.
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 December 08 , 2015 . Thanks for your support.
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