Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,168.05. According to the daily time frame, we can observe demand in an average volume. I placed diagonal trendline and the price stoped extacly on the trendline. Our Fibonacci retracement 50% is at the price of $1,155.00. Anyway, Gold is still in a bullish trend and we have successful testing of a supply bar at the price of $1,149.00. Intraday and short-term frames are favoring buyers. So watch for buying opportunities on the dips.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,154.60
R2: 1,160.00
R3: 1,168.00
Support levels:
S1: 1,138.72
S2: 1,133.00
S3: 1,124.75
Trading recommendations: Watch only for buying opportuntiies on the dips (after corrections).
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,168.05. According to the daily time frame, we can observe demand in an average volume. I placed diagonal trendline and the price stoped extacly on the trendline. Our Fibonacci retracement 50% is at the price of $1,155.00. Anyway, Gold is still in a bullish trend and we have successful testing of a supply bar at the price of $1,149.00. Intraday and short-term frames are favoring buyers. So watch for buying opportunities on the dips.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,154.60
R2: 1,160.00
R3: 1,168.00
Support levels:
S1: 1,138.72
S2: 1,133.00
S3: 1,124.75
Trading recommendations: Watch only for buying opportuntiies on the dips (after corrections).
The material has been provided by InstaForex Company – www.instaforex.com
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