Overview :
Since our last analysis, gold has been trading upwards. The price has tested the level of $1,170.31 in a high volume. The price rejected from the support level of $1,167.00. According to the M5 time frame, we can observe weak supply around the price of $1,164.00, which may cuase the price to retest highs at $1,170.00. Be very careful when selling gold at this stage since we may see a potential absorption volume. Any larger reaction from buyers may cofnrim further bullish phase. We have the first resistance around the price of $1,180.00.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,172.24
R2: 1,174.50
R3: 1,178.17
Support levels :
S1: 1,164.90
S2: 1,162.64
S3: 1,158.97
Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
