Since our previous analysis, gold has been trading upwards. As I expected, the price tested the $1,354.82 level in a high volume. According to the 1H time frame, I have found solid support at $1,346.20. There is a weak supply at this support, which is indication that sellers don't have enough power for larger correction. I have placed Fibonacci expansion to find potential end of downward correction and I got Fibonacci expansion at $1,346.15. Watch for buying opportunities. Take profit level is set at $1,354.80.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,357.60
R2: 1,358.30
R3: 1,359.50
Support levels:
S1: 1,355.40
S2: 1,354.80
S3: 1,353.70
Trading recommendations for today: selling looks risky, watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com