Since our previous analysis, Gold has been trading downwards. As I expected, the price tested the level of $1,303.97 in a ultra high volume. According to the 1H time frame, I found strong selling pressure in the market. So, be careful when buying gold and watch for selling opportunities. I found two down fractals today according to the 1H time frame. The first one is set at the price of $1,305.00 (already filled) and the second fractal is set at the price of $1,304.00. My advice is to place pending order (sell stop) at the price of $1,304.00 with potential stop loss at $1,311.70. Take profit level is set at the price of $1,292.35.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,311.65
R2: 1,316.40
R3: 1,319.00
Support levels:
S1: 1,304.25
S2: 1,301.60
S3: 1,296.85
Trading recommendations for today: Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Since our previous analysis, Gold has been trading downwards. As I expected, the price tested the level of $1,303.97 in a ultra high volume. According to the 1H time frame, I found strong selling pressure in the market. So, be careful when buying gold and watch for selling opportunities. I found two down fractals today according to the 1H time frame. The first one is set at the price of $1,305.00 (already filled) and the second fractal is set at the price of $1,304.00. My advice is to place pending order (sell stop) at the price of $1,304.00 with potential stop loss at $1,311.70. Take profit level is set at the price of $1,292.35.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,311.65
R2: 1,316.40
R3: 1,319.00
Support levels:
S1: 1,304.25
S2: 1,301.60
S3: 1,296.85
Trading recommendations for today: Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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