Gold has been trading downwards. The price tested the level of $1,176.57 in a ultra-high volume. In the daily time frame, we can observe a supply bar in a volume below the average. In the M30 time frame, we can observe volume spike (buying climax) at the price of $1,185.00 in the background, which is sign that buying looks risky. Anyway, I am neutral on this pair since we got major support around the level of $1,168.00-$1,162.00. Since we got strong buying climax in the background, bearish side is more possible.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,186.95
R2: 1,193.45
R3: 1,199.55
Support levels:
S1: 1,174.35
S2: 1,168.25
S3: 1,161.75
Trading recommendations: Buying climax around the price of $1,184.00 in the background. Buying gold at this stage looks risky.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Gold has been trading downwards. The price tested the level of $1,176.57 in a ultra-high volume. In the daily time frame, we can observe a supply bar in a volume below the average. In the M30 time frame, we can observe volume spike (buying climax) at the price of $1,185.00 in the background, which is sign that buying looks risky. Anyway, I am neutral on this pair since we got major support around the level of $1,168.00-$1,162.00. Since we got strong buying climax in the background, bearish side is more possible.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,186.95
R2: 1,193.45
R3: 1,199.55
Support levels:
S1: 1,174.35
S2: 1,168.25
S3: 1,161.75
Trading recommendations: Buying climax around the price of $1,184.00 in the background. Buying gold at this stage looks risky.
The material has been provided by InstaForex Company – www.instaforex.com
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