Since our last analysis, gold has been trading sideways around the level of $1,072.00. In the daily time frame, I found inside bar formation with support at the level of $1,058.15 and resistance at the level of $1,088.50. Our daily SMA10 is flat. According to the H1 time frame, the price is testing strong support at the level of $1,067.50. To confirm a further direction, watch for potential breakout of inside bar formation.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,082.00
R2: 1,085.60
R3: 1,091.50
Support levels:
S1: 1,070.20
S2: 1,066.60
S3: 1,060.70
Trading recommendations: Watch for a potential breakout of our inside bar formation to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading sideways around the level of $1,072.00. In the daily time frame, I found inside bar formation with support at the level of $1,058.15 and resistance at the level of $1,088.50. Our daily SMA10 is flat. According to the H1 time frame, the price is testing strong support at the level of $1,067.50. To confirm a further direction, watch for potential breakout of inside bar formation.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,082.00
R2: 1,085.60
R3: 1,091.50
Support levels:
S1: 1,070.20
S2: 1,066.60
S3: 1,060.70
Trading recommendations: Watch for a potential breakout of our inside bar formation to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
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