Since our last analysis, gold has been trading downwards. The price tested the level of $1,062.32. In the daily time frame, I found an 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, I placed Fibonacci retracement and Fibonacci expansion to find potential strong support and found strong support level at the price of $1,062.00 (Fibonacci retracement 61.8% and Fibonacci expansion 100%). If the price breaks the level of $1,062.00 in a high volume, we may see potential testing of the level of $1,050.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,074.95
R2: 1,076.20
R3: 1,078.25
Support levels:
S1: 1,070.80
S2: 1,069.60
S3: 1,067.50
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 downwards. The price tested the level of $1,062.32. In the daily time frame, I found an 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, I placed Fibonacci retracement and Fibonacci expansion to find potential strong support and found strong support level at the price of $1,062.00 (Fibonacci retracement 61.8% and Fibonacci expansion 100%). If the price breaks the level of $1,062.00 in a high volume, we may see potential testing of the level of $1,050.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,074.95
R2: 1,076.20
R3: 1,078.25
Support levels:
S1: 1,070.80
S2: 1,069.60
S3: 1,067.50
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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