Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,345.39 in a high volume. According to the 4H time frame, I have found solid support at the price of $1,333.00. I found sign of strength from the support level, which is an indicator that selling looks risky. Watch for buying opportunities. Take profit level is set at the price of $1,348.90.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,341.00
R2: 1,344.35
R3: 1,349.80
Support levels:
S1: 1,330.15
S2: 1,326.80
S3: 1,321.40
Trading recommendations for today: selling looks risky, watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com