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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Gold analysis for August 21 , 2015

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Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,168.05. According to the daily time frame, we can observe demand in an average volume. I placed diagonal trendline and the price stoped extacly on the trendline. Our Fibonacci retracement 50% is at the price of $1,155.00. Anyway, Gold is still in a bullish trend and we have successful testing of a supply bar at the price of $1,149.00. Intraday and short-term frames are favoring buyers. So watch for buying opportunities on the dips.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,154.60

R2: 1,160.00

R3: 1,168.00

Support levels:

S1: 1,138.72

S2: 1,133.00

S3: 1,124.75

Trading recommendations: Watch only for buying opportuntiies on the dips (after corrections).

The material has been provided by InstaForex Company - www.instaforex.com