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FX.co ★ Gold analysis for September 01, 2014

Gold analysis for September 01, 2014

Gold analysis for September 01, 2014

Gold analysis for September 01, 2014

Overview: 

Since our last analysis, gold has been trading sideways around the price of 1,286.00. Our Fibonacci expansion 61.8% at the price of 1,284.00 is broken. So, we may see potential testing the level of 1,260.00 (Fibonacci expansion 100%). I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1,292.00 (currently on the test) and Fibonacci retracement 61.8% at the price of 1,303.00. According to the 4H time frame, we can observe lack of demand, which is a sign that buying looks risky. Watch for potentaial selling opportunities.

Daily pivot Fibonacci points: 

Resistance levels: 

R1: 1,288.67 

R2: 1,289.19 

R3: 1,290.03 

Support levels: 

S1: 1,286.99 

S2: 1,286.47 

S3: 1,285.63 

Trading recommendations: Buying Gold looks risky since the price has broken the support level.

 

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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