Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,098.60. The intraday trend is neutral. According to the daily time frame, we can observe a supply in an average volume but with a weak close (sign of strenght) . According to the H1 time frame, we can observe a potential climatic action in the background and absorption later on, which means that selling looks very risky. First resistance level is expected around $1,109.50. Anyway, my advice is to wait for changing in trend behavior before taking any setup.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,106.75
R2: 1,107.70
R3: 1,109.25
Support levels:
S1: 1,103.70
S2: 1,102.75
S3: 1,101.25
Trading recommendations: Absorption volume is seen in the H1 time frame. The trend is neutral. Selling looks risky, so watch for potential buying opportunities if trend changes.
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 14, 2015 . Thanks for your support.
No comments:
Post a Comment