Since our previous analysis, gold has been moving upwards. As I expected, the price tested the $1,259.96 level in a high volume. The price reached my first take profit level at $1,256.00. On the 15M time frame chart, I found a successful test of supply in a low volume, which is a sign that selling gold looks risky. Watch for intraday buying opportunities. Also, I found a successful breakout of the trading range and some kind of a three drive reversal pattern. There is a lack of supply around the price of $1,256.00, which is a great buying signal for professional traders. The first major short-term take profit level is set at $1,279.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,253.70
R2: 1,256.50
R3: 1,261.80
Support levels:
S1: 1,243.70
S2: 1,240.60
S3: 1,235.60
Trading recommendations for today: be careful when selling and watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com