Since our last analysis, gold has been trading downwards. The price tested the level of $1,208.30 Supply trend line at the price of $1,245.00 was held successfully. According to the daily time frame, I found trading range between the price of $1,245.00 (resistance) and the price of $1,208.00 (support). Watch for a successful breakout of $1,208.00 to confirm further downward movement and then try to sell on the rallies. First downward take profit level is set at the price of $1,193.60. Second take profit level is set at the price of $1,177.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,223.25
R2: 1,224.00
R3: 1,225.80
Support levels:
S1: 1,220.00
S2: 1,219.00
S3: 1,217.00
Trading recommendations for today: Watch for selling opportunities on the rallies.
The material has been provided by InstaForex Company - www.instaforex.com