Since our last analysis, gold has been trading sideways around the level of $1,065.00. In the daily time frame, I found a weak demand bar, which is a sign that buying looks risky. The trend is downward in the mid- and long terms. According to the H34 time frame, we can observe a buying climax with a very wide spread of bars and strong reaction from sellers in the background. I found lower swing highs and rejection from our supply trend line, which is a sign of a downward continuation. Our Fibonacci expansion 100% at the level of $1,063.00 was broken and Fibonacci expansion 161.8% at the level of $1,050.00 is next support.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,065.50
R2: 1,068.35
R3: 1,070.45
Support levels:
S1: 1,058.50
S2: 1,056.30
S3: 1,052.45
Trading recommendations: Watch for selling opportunities. The 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 $1,065.00. In the daily time frame, I found a weak demand bar, which is a sign that buying looks risky. The trend is downward in the mid- and long terms. According to the H34 time frame, we can observe a buying climax with a very wide spread of bars and strong reaction from sellers in the background. I found lower swing highs and rejection from our supply trend line, which is a sign of a downward continuation. Our Fibonacci expansion 100% at the level of $1,063.00 was broken and Fibonacci expansion 161.8% at the level of $1,050.00 is next support.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,065.50
R2: 1,068.35
R3: 1,070.45
Support levels:
S1: 1,058.50
S2: 1,056.30
S3: 1,052.45
Trading recommendations: Watch for selling opportunities. The trend is downward in the short and mid terms.
The material has been provided by InstaForex Company – www.instaforex.com
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