Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,074.36 in an average volume. In the daily time frame, I found a weakly supply bar, which is a sign that selling looks risky. An intraday trend is upward. In the 30M time frame I found another successful re-testing of our channel and a breakout of a bullish flag, which made a good buy point at the level of $1,072.00. I found a potential double bottom formation and a breakout of $1,076.50 is likely to confirm it.The first resistance is seen at the level of $1,076.50 and second is at $1,088.70. The key price action resistance is seen around the level of $1,100.00. The price is above the 200 SMA.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,090.50
R2: 1,096.60
R3: 1,105.90
Support levels:
S1: 1,071.40
S2: 1,065.50
S3: 1,056.00
Trading recommendations: Watch for potential buying opportunites, selling looks risky.
The material has been provided by InstaForex Company - www.instaforex.com