Since our previous analysis, Gold has been moving downwards. The price tested the level of $1,223.87. Since the accumulation phase in the background took the place, I am still expecting the higher price on the gold. I found strong support around the price of $1,224.00. I found the previous resistance level, which became support. Watch for buying opportunities on the dips. Take profit level is set near the price of $1,236.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,237.40
R2: 1,242.00
R3: 1,250.90
Support levels:
S1: 1,220.60
S2: 1,215.50
S3: 1,207.00
Trading recommendations for today: watch for buying opportunties on the dips.
The material has been provided by InstaForex Company - www.instaforex.com