Since our previous analysis, gold has been trading upward. The price tested the level of $1,234.02 in an ultra high volume. According to the 30M time frame, I found a volume spike (buying climax) and a bullish bar with a wide range which closed in the middle. I also found no demand bars and up-thrust bar, that is a sign that sellers took control from buyers today. Watch for selling opportunities on pullbacks. Take profit level is set at the price of $1,218.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,229.00
R2: 1,232.00
R3: 1,237.00
Support levels:
S1: 1,219.50
S2: 1,216.45
S3: 1,211.50
Trading recommendations for today: Be careful when buying Gold at this stage and watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company - www.instaforex.com