Overview:
Gold has been trading downwards. The price tested the level of $1,180.26. According to the daily time frame, we can observe a supply bar in an average volume. The price has broken our supply trendline in the background, which is a sign that selling looks very risky. The key resistance is around the level of $1,203.00 (reistance cluster). Watch for potential buying opportunities on dips. The major support around $1,184.00 in on the test. According to the H4 time frame, we got selling climax (hidden buying) around $1,180.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,193.00
R2: 1,196.75
R3: 1,203.00
Support levels:
S1: 1,180.25
S2: 1,176.00
S3: 1,170.40
Trading recommendations: Support at the level of $1,184.00 is on the test. Be careful when selling gold at this stage and watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com