Overview:
Gold has been trading upwards. As we expected, the price tested the level of $1,182.76 in a high volume. In the daily time frame, we can observe a demand bar in an volume below the average (weak demand). I found the strong mid-term trading range between the levels of $1,230.00 and $1,169.00. The pair is testing strong resistance around the level of $1,185.00. Be careful when buying at this stage. We can observe buying climax (hidden selling) in the H1 time frame . Also, I found potential bearish flag. So, watch for potential selling opportunities of a breakout of lower diagonal.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,176.36
R2: 1,178.38
R3: 1,181.67
Support levels:
S1: 1,170.00
S2: 1,167.76
S3: 1,164.45
Trading recommendations: Weak demand around the level of $1,183.00. Be careful when buying gold at this stage.
The material has been provided by InstaForex Company - www.instaforex.com