Since our previous analysis, gold has been trading downwards. The price tested the level of $1,334.64. According to the 30M time frame, I found that strength came in at the bottom. There is a hidden test of supply in a low volume. Anyway, key resistance level today is set at the price of $1,341.08. If the price breaks this level and create a successful test, I expect potential testing of $1.351.08.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,348.50
R2: 1,352.00
R3: 1,358.10
Support levels:
S1: 1,336.00
S2: 1,332.20
S3: 1,327.00
Trading recommendations for today: Selling looks very risky. Watch for buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Since our previous analysis, gold has been trading downwards. The price tested the level of $1,334.64. According to the 30M time frame, I found that strength came in at the bottom. There is a hidden test of supply in a low volume. Anyway, key resistance level today is set at the price of $1,341.08. If the price breaks this level and create a successful test, I expect potential testing of $1.351.08.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,348.50
R2: 1,352.00
R3: 1,358.10
Support levels:
S1: 1,336.00
S2: 1,332.20
S3: 1,327.00
Trading recommendations for today: Selling looks very risky. Watch for buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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