Overview:
Since our last analysis, gold has been trading sideways around the price of $1,092.00. According to the daily time frame, we can observe a bearish bar in a volume above the average. According to the H1 time frame, we can observe a fake breakout of our support level at the price of $1,086.00. The price got back to our trading range between the prices of $1,086.00 and $1,118.00. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of $1,127.00, Fibonacci retracement 50% at the price of $1,141.00 and Fibonacc retracement 61.8% at the price of $1,157.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,103.00
R2: 1,107.00
R3: 1,113.00
Support levels:
S1: 1,090.50
S2: 1,086.70
S3: 1,079.45
Trading recommendations: Be careful when selling gold at this stage since we have a fake breakout in the background.
The material has been provided by InstaForex Company - www.instaforex.com