Since our last analysis, gold has been trading upwards, the price tested the level of 1,345.33. The Gold is around critical resistance area at the price of 1,338.00. We got FR 61.8% at the price of 1,338.00 and that level is critical. According to daily chart, we can see average volume and low range of the bar, which signals that buying gold at this stage looks very risky. Anyway, to confirm further downward movement, we need to see stronger supply on the market on high volume. Otherwise, if the price breaks the level of 1,345.00 on high volume, we may see more upward movement and potential testing the level of 1,395.00 (FE 161.8%) before any larger downward movement. My advice is to watch for potential bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,343.59
R2: 1,346.47
R3: 1,351.13
Support levels:
S1: 1,334.27
S2: 1,331.39
S3: 1,326.73
Trading recommendation: Trading the metal, be careful with buying since Gold is on critical area and we are also on the high new ground.
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 1,345.33. The Gold is around critical resistance area at the
price of 1,338.00. We got FR 61.8% at the price of 1,338.00 and that level is
critical. According to daily chart, we can see average volume and low range of
the bar, which signals that buying gold at this stage looks very risky.
Anyway, to confirm further downward movement, we need to see stronger supply on
the market on high volume. Otherwise, if the price breaks the level of 1,345.00
on high volume, we may see more upward movement and potential testing the level
of 1,395.00 (FE 161.8%) before any larger downward movement. My advice is to
watch for potential bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,343.59
R2: 1,346.47
R3: 1,351.13
Support levels:
S1: 1,334.27
S2: 1,331.39
S3: 1,326.73
Trading recommendation: Trading the metal, be careful with
buying since Gold is on critical area and we are also on the high new ground.
The material has been provided by InstaForex Company – www.instaforex.com
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