Gold analysis for August 05 , 2015
August 5, 2015 12:40 pmVideo
Latest News
- Technical Analysis – WTI futures break below 200 day-SMA May 3, 2024
- Hot forecast for EUR/USD on May 3, 2024 May 3, 2024
- Key events on May 3: fundamental analysis for beginners May 3, 2024
- Trading plan for GBP/USD on May 3. Simple tips for beginners May 3, 2024
- Trading plan for EUR/USD on May 3. Simple tips for beginners May 3, 2024
- Forecast for EUR/USD on May 3, 2024 May 3, 2024
- Forecast for GBP/USD on May 3, 2024 May 3, 2024
- Forecast for USD/JPY on May 3, 2024 May 3, 2024
- The euro did not understand the Fed’s signals May 3, 2024
- Analysis of GBP/USD pair on May 2nd. The final chord for the dollar May 2, 2024
- Analysis of EUR/USD pair on May 2nd. The market calmly responded to the FOMC meeting May 2, 2024
- Technical Analysis – GBPJPY returns to pre-intervention levels May 2, 2024
- JPY terrifies traders May 2, 2024
- Fed makes tough decision May 2, 2024
- USD/JPY: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- EUR/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: trading plan for the US session on May 2nd (analysis of morning deals). The pound was pushed below 1.2521 May 2, 2024
- EUR/USD: trading plan for the US session on May 2nd (analysis of morning deals). Euro bought around 1.0700 May 2, 2024
- EUR/USD. May 2nd. US statistics disappoint once again May 2, 2024
Overview:
Since our last analysis, gold has been trading sideways around the price of $1,087.00. According to the daily time frame, we can observe a weak small real body. I found a strong trading range between the price of $1,077.00 (support) and $1,108.00. Selling gold around our support looks very risky and my advice is to watch for potential breakout of trading range to confirm further direction. According to the M15, we can observe selling climax (hidden buying) and successful test bar, which is a sign that buyers are in control. The trend is neutral.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,093.85
R2: 1,097.21
R3: 1,102.00
Support levels:
S1: 1,083.50
S2: 1,079.30
S3: 1,074.00
Trading recommendations: Be careful when selling gold at this stage since the price is near our strong support. Watch for breakout of our trading range to confirm further direction. Buyers are in control today.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: