Gold analysis for September 12, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,231.98 in a volume above average. The price rejected from our Fibonacci retracement 38.2% at the level of 1,272.00, and that is the reason why we saw further bearish bias. Our major Fibonacci expansion 61.8%% is broken, so we may see potential testing the level of 1,218.00 (Fibonacci expansion 161.8%). According to the 4H timeframe, we can observe weak demand in a volume below average, which is a sign that buying looks risky.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,247.78

R2: 1,251.47

R3: 1,257.47

Support levels:

S1: 1,235.77

S2: 1,232.07

S3: 1,226.07

Trading recommendations: Buying looks risky since the price has broke our Fibonacci expansion 61.8%.

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