Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,154.47. An intraday trend is upward. 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 strength (massive selling climax) around the level of $1,140.00. Support at the level of $1,142.00 was successfully held, so watch only for potential buying opportunities. 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 buying opportunities are preferable. The level of $1,170.00 is the first strong resistance.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,146.65
R2: 1,148.31
R3: 1,151.41
Support levels:
S1: 1,140.30
S2: 1,138.45
S3: 1,134.40
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on the dips.
The material has been provided by InstaForex Company - www.instaforex.com