Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,358.21 in a ultra high volume. In reaction of massive buying climax from the top, the price managed to go into bearish correction and the Gold tested $1,306.00. According to the 15M time frame, I found strong upward pressure and broken falling wedge formation (bullish pattern). My advice is to watch for buying opportunities on the dips. The first take profit level is set at the price of $1,357.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,273.15
R2: 1.278.00
R3: 1,285.00
Support levels:
S1: 1,257.60
S2: 1,252.80
S3: 1,245.00
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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