Gold has been trading downwards. The price tested the level of $1,151.00. According to the daily time frame, we can observe bullish bar in a volume below the average. According to the H1 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,146.00. There is a chance that the price will come back into our major trading rage between $1,162.00 and $1,231.00. The short-term trend is neutral.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,163.15
R2: 1,164.00
R3: 1,165.00
Support levels:
S1: 1,160.00
S2: 1,161.00
S3: 1,159.00
Trading recommendations: Indecision market. Be careful when selling around the level of $1,150.00 since we got support level around $1,146.00.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Gold has been trading downwards. The price tested the level of $1,151.00. According to the daily time frame, we can observe bullish bar in a volume below the average. According to the H1 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,146.00. There is a chance that the price will come back into our major trading rage between $1,162.00 and $1,231.00. The short-term trend is neutral.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,163.15
R2: 1,164.00
R3: 1,165.00
Support levels:
S1: 1,160.00
S2: 1,161.00
S3: 1,159.00
Trading recommendations: Indecision market. Be careful when selling around the level of $1,150.00 since we got support level around $1,146.00.
The material has been provided by InstaForex Company – www.instaforex.com
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