Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,353.07 in a high volume. According to the 30M time frame, there is an upward trend and successful testing of supply, which is a sign that selling looks risky. According to the 5M time frame, I found ending of ABC corrective phase, which is a sign that buyers are in control. First resistance level is set at the price of $1,355.90. Anyway, if the price breaks the level of $1,355.90, the price may test the level of $1,359.80 (Fibonacci expansion 100%). Watch for buying opportunities on the dips.
Hourly Fibonacci pivot points:
Resistance levels:
R1: 1,358.80
R2: 1,359.40
R3: 1,360.40
Support levels:
S1: 1,356.85
S2: 1,356.25
S3: 1,355.30
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 upwards. As I expected, the price tested the level of $1,353.07 in a high volume. According to the 30M time frame, there is an upward trend and successful testing of supply, which is a sign that selling looks risky. According to the 5M time frame, I found ending of ABC corrective phase, which is a sign that buyers are in control. First resistance level is set at the price of $1,355.90. Anyway, if the price breaks the level of $1,355.90, the price may test the level of $1,359.80 (Fibonacci expansion 100%). Watch for buying opportunities on the dips.
Hourly Fibonacci pivot points:
Resistance levels:
R1: 1,358.80
R2: 1,359.40
R3: 1,360.40
Support levels:
S1: 1,356.85
S2: 1,356.25
S3: 1,355.30
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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