Since our last analysis, gold has been trading upwards. The price tested the level of $1,094.71. According to the daily time frame, we can observe weak supply and small real body. We can observe a volume spike (buying climax) followed by supply (sign of weakness) in the background. Fibonacci retracement 61.8% at the level of $1,094.00 is on the test. According to the 30M time frame, we can observe the buying climax (potential hidden selling).
Daily Fibonacci pivot points:
Resistance levels
R1: 1,095.00
R2: 1,099.00
R3: 1,104.00
Support levels:
S1: 1,085.50
S2: 1,082.30
S3: 1,078.00
Trading recommendations: Be careful when buying gold at this stage since we have a fake buying climax in the background.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,094.71. According to the daily time frame, we can observe weak supply and small real body. We can observe a volume spike (buying climax) followed by supply (sign of weakness) in the background. Fibonacci retracement 61.8% at the level of $1,094.00 is on the test. According to the 30M time frame, we can observe the buying climax (potential hidden selling).
Daily Fibonacci pivot points:
Resistance levels
R1: 1,095.00
R2: 1,099.00
R3: 1,104.00
Support levels:
S1: 1,085.50
S2: 1,082.30
S3: 1,078.00
Trading recommendations: Be careful when buying gold at this stage since we have a fake buying climax in the background.
The material has been provided by InstaForex Company – www.instaforex.com
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