Since our last analysis, gold has been trading downwards. The price tested the level of $1,126.20. The intraday trend is neutral. According to the daily time frame, we can observe a supply bar in an average volume. In the M1 time frame, we can observe big weakness (buying climax, supply coming in) around the level of $1,130.35, which is a sign that buying looks risky at this stage. Watch for potential selling opportunities after retracement.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,137.00
R2: 1,139.00
R3: 1,141.90
Support levels:
S1: 1,131.20
S2: 1,129.37
S3: 1,126.45
Trading recommendations: Resistance at the price of $1,1350.40 held successfully. Watch only for potential selling opporutnities after retracement (weak demand).
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,126.20. The intraday trend is neutral. According to the daily time frame, we can observe a supply bar in an average volume. In the M1 time frame, we can observe big weakness (buying climax, supply coming in) around the level of $1,130.35, which is a sign that buying looks risky at this stage. Watch for potential selling opportunities after retracement.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,137.00
R2: 1,139.00
R3: 1,141.90
Support levels:
S1: 1,131.20
S2: 1,129.37
S3: 1,126.45
Trading recommendations: Resistance at the price of $1,1350.40 held successfully. Watch only for potential selling opporutnities after retracement (weak demand).
The material has been provided by InstaForex Company – www.instaforex.com
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