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Gold analysis for October 26, 2015

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,158.76 in a very high volume. The short- and mid-term trend changed from upward to neutral. In the daily time frame, we can observe a neutral bar in a high volume. In the H1 time frame, we can observe a volume spike (massive selling climax) at the level of $1,158.75. Be careful when selling at this stage since we may expect reaction from buyers. Only if the price breaks the level of $1,158.75, we may see downward continuation.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,164.30

R2: 1,164.80

R3: 1,165.60

Support levels:

S1: 1,162.70

S2: 1,162.10

S3: 1,161.40

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Anyway, the trend is neutral and I am waiting for a clear trend to establish.

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