Since our last analysis, gold has been trading upwards. The price tested the level of $1,132.79. According to the daily time frame, we can observe a test of supply bar (potential sign of strengh). Anyway, we saw weakness in today’s price action in the H1 time frame. We got no demand bar and up-thrust bar. Watch only for selling opportunities after retracement. Strong support has been seen at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. On the background, we can observe a strong sign of weakness (supply came in), which shows that this can be a turning point in the mid-term prospect.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,127.00
R2: 1,129.00
R3: 1,134.00
Support levels:
S1: 1,118.30
S2: 1,115.60
S3: 1,111.20
Trading recommendations: The strong sign of weakness is in the background. Watch only for selling opportunites after retracement.
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 $1,132.79. According to the daily time frame, we can observe a test of supply bar (potential sign of strengh). Anyway, we saw weakness in today’s price action in the H1 time frame. We got no demand bar and up-thrust bar. Watch only for selling opportunities after retracement. Strong support has been seen at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. On the background, we can observe a strong sign of weakness (supply came in), which shows that this can be a turning point in the mid-term prospect.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,127.00
R2: 1,129.00
R3: 1,134.00
Support levels:
S1: 1,118.30
S2: 1,115.60
S3: 1,111.20
Trading recommendations: The strong sign of weakness is in the background. Watch only for selling opportunites after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
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