Overview:
Gold has been trading downwards. The price tested the level of $1,172.726. According to the daily time frame, we can observe a supply bar in an volume above the average . According to the H1 time frame, we can observe a weak price action (supply) around the level of $1,173.00. The reisistance level is seen around $1,180.00. Selling gold at this stage looks risky since we saw a weak price action in the background. I am still neutral on gold.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,183.50
R2: 1,187.00
R3: 1,192.00
Support levels:
S1: 1,172.65
S2: 1,169.30
S3: 1,163.90
Trading recommendations: Weak supply around the price of $1,172.00. Be careful when selling gold at this stage.
The material has been provided by InstaForex Company - www.instaforex.com