Gold : analysis for October 12 , 2015
October 12, 2015 10:50 amVideo
Latest News
- 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
- Will the euro take a risk? April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,166.49. An intraday trend is upward. In the daily time frame, I found a trading range between $1,170.00 (resitance) and $1,098.50 (support). In the H1 time frame, we can observe weak supply around the level of $1,163.00. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, intraday buying opportunities are preferable. The level of $1,170.00 is the first strong resistance. We may expect potential downward correction, so watch for potential buying opportunites after correction (buy on the dips). First support level is seen at $1,159.50.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,156.20
R2: 1,156.70
R3: 1,157.45
Support levels:
S1: 1,154.70
S2: 1,154.20
S3: 1,155.45
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on the dips. Strong resistance is seen around the level of $1,170.00.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: