Since our last analysis, gold has been trading sideways around the level of $1,068.00. 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. A trend is downward in mid and long term. According to the H1 time frame, we can observe a buying climax with a very wide spread of bars and strong reaction from sellers. I found lower swing highs and supply trend line, which is a sign of downward momentum. I have placed Fibonacci expansion to find potential support. Fibonacci expansion 100% is at the level of $1,063.00 (already tested) and Fibonacci expansion 161.8% is at the level of $1,050.00. 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: 1,073.15
R2: 1,073.60
R3: 1,074.37
Support levels:
S1: 1,071.60
S2: 1,071.13
S3: 1,070.35
Trading recommendations: Watch for selling opportunities. A trend is downward in the short and mid terms.
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 $1,068.00. 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. A trend is downward in mid and long term. According to the H1 time frame, we can observe a buying climax with a very wide spread of bars and strong reaction from sellers. I found lower swing highs and supply trend line, which is a sign of downward momentum. I have placed Fibonacci expansion to find potential support. Fibonacci expansion 100% is at the level of $1,063.00 (already tested) and Fibonacci expansion 161.8% is at the level of $1,050.00. 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: 1,073.15
R2: 1,073.60
R3: 1,074.37
Support levels:
S1: 1,071.60
S2: 1,071.13
S3: 1,070.35
Trading recommendations: Watch for selling opportunities. A trend is downward in the short and mid terms.
The material has been provided by InstaForex Company – www.instaforex.com
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