Since our previous analysis, gold has been trading upwards. As I expcted, the price tested the level of $1,374.25 in an high volume. According to the 30M time frame, I found strong upward trend and successful testing of supply in a low volume at the price of $1,364.00. I have placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,380.00 and Fibonacci expansion 161.8% at the price of $1,389.90.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,367.70
R2: 1.374.00
R3: 1,384.40
Support levels:
S1: 1,346.90
S2: 1,340.45
S3: 1,330.00
Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential 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 expcted, the price tested the level of $1,374.25 in an high volume. According to the 30M time frame, I found strong upward trend and successful testing of supply in a low volume at the price of $1,364.00. I have placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,380.00 and Fibonacci expansion 161.8% at the price of $1,389.90.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,367.70
R2: 1.374.00
R3: 1,384.40
Support levels:
S1: 1,346.90
S2: 1,340.45
S3: 1,330.00
Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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