Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,262.45 in a high volume. The yesterday’s analysis is still valid. I found a broken downward channel according to the H4 time frame, which is a sign that selling gold at this stage looks risky. Watch for potential buying opportunities on dips. The take profit level is set at the price of $1,278.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,262.00
R2: 1,267.00
R3: 1,274.00
Support levels:
S1: 1,246.00
S2: 1,242.00
S3: 1,234.00
Trading recommendations for today: Watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company – www.instaforex.com
Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,262.45 in a high volume. The yesterday’s analysis is still valid. I found a broken downward channel according to the H4 time frame, which is a sign that selling gold at this stage looks risky. Watch for potential buying opportunities on dips. The take profit level is set at the price of $1,278.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,262.00
R2: 1,267.00
R3: 1,274.00
Support levels:
S1: 1,246.00
S2: 1,242.00
S3: 1,234.00
Trading recommendations for today: Watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company – www.instaforex.com
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