Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,152.82. The intraday trend is neutral. In the daily time frame, I found a trading range between $1,170.00 (resitance) and $1,098.50 (support). In the H1 time frame, we can observe weakness around the level of $1,152.00. A potential downward target is at $1,110.00. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, intraday selling opportunities are preferable. The level of $1,142.00 is first support.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,149.60
R2: 1,152.85
R3: 1,158.10
Support levels:
S1: 1,139.15
S2: 1,135.90
S3: 1,130.65
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com