Overview :
Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,203.37 in a high volume. Accoridng to the daily time frame, we can observe demand in an average volume. I found strong resistance level at the price of $1,209.00 to $1,218.00. If the price breaks the level of $1,218.00 in a high volume, we may see potenteial testing of the level of $1,244.00. Anyway, be careful when selling gold at this stage since we have a weak supply in the background.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,188.74
R2: 1,191.66
R3: 1,196.40
Support levels :
S1: 1,179.22
S2: 1,176.35
S3: 1,171.60
Trading recommendations: Be careful when selling gold at this stage since we have a weak supply in the background.
The material has been provided by InstaForex Company - www.instaforex.com
