Gold analysis for August 11 , 2015
August 11, 2015 12:20 pmVideo
Latest News
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price went to test the level of $1,119.21. According to the daily time frame, we can observe a demand in a volume below the average. I found a strong trading range between the prices of $1,077.00 (support) and $1,108.00. Selling gold around our support looks very risky and my advice is to watch for a potential breakout of the trading range to confirm further direction. According to the H1 time frame, we can observe strong demand (wide spread) in an ultra high volume (buying climax). Our resistance at the price of $1,119.00 is on the test. Watch for a potential breakout of our trading range to confirm further direction.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,107.00
R2: 1,112.58
R3: 1,120.00
Support levels:
S1: 1,093.65
S2: 1,088.00
S3: 1,081.00
Trading recommendations: Be careful when selling gold at this stage. Watch for a breakout of our trading range to confirm further direction. Buyers are in control in the short term today.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: