Since our previous analysis, gold has been trading sideways at the price of $1,320.00. According to the 30M time frame, I found strength in the background, which is a sign that selling looks risky. There is a successful test bar at $1,319.00 (point of control). The price respected the 21SMA, which is a good sign for further upward price. Upward targets are set at the price of $1,324.25 and $1,329.00 (Fibonacci expansion 161.8%)
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,318.70
R2: 1,319.17
R3: 1,321.35
Support levels:
S1: 1,315.45
S2: 1,314.35
S3: 1,312.75
Trading recommendations for today: selling looks risky, watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com