Forex Technical Analysis of GOLD for October 05, 2015 | Forex Signals Market
Sunday, October 04, 2015

Forex Technical Analysis of GOLD for October 05, 2015

Support                            -   S1 : 1114.52 | S2 : 1091.25 | S3 : 1077.91
Resistance                        -   R1 : 1151.13 | R2 : 1164.47 | R3 : 1187.74
Main Trend                     -   Bullish
Intraday Trend               -   Bullish

Financial Announcements: USD - ISM Non-Manufacturing PMI

Considering all the details from the charts of forex technical analysis we can detect all critical levels and trading targets for H1 and H4 timeframes:

Forex Technical Analysis
The EMA (50) and EMA (200) are located in the same level. The price remains above both EMA and moves over to the upper channel of a downward Andrews Pitchfork.

The upward movement of Friday leaves suspicions for a probable upward continuation.

4H Chart


The area 1117.36  – 1123.00   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1144.36, 1152.25, 1156.64, 1170.80.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1110.50, 1104.70, 1097.50, 1091.65, 1087.50.

1H Chart


The area 1130.30 – 1133.00  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1149.00, 1157.00, 1172.00.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1123.00, 1119.00, 1114.80, 1104.50.

Using the above elements of forex technical analysis, everyone can plan his own personal forex trading strategy. We note the need to use stop-loss levels.

You agree with our estimates? If you have another point of view, you can write your opinion in comments.

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