Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,277.00. As you can see in the graph, the price tested our resistance (swing low like resistance). We must wait to see what will happen around our resistance level, if the price breaks the level of 1,277.00, we may see possible testing the level of 1,283.00 (swing low like resistance). According to the 4H timeframe, we can observe weak demand, which is a sign that we may see potential bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,275.47
R2: 1,279.03
R3: 1,284.80
Support levels:
S1: 1,263.93
S2: 1,260.37
S3: 1,254.60
Trading recommendation: Be careful with buying at this stage since the price is near resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since
our last analysis, gold has been trading upwards, as we expected, the
price tested the level of 1,277.00. As you can see in the graph, the
price tested our resistance (swing low like resistance). We must wait
to see what will happen around our resistance level, if the price
breaks the level of 1,277.00, we may see possible testing the level of
1,283.00 (swing low like resistance). According to the 4H timeframe,
we can observe weak demand, which is a sign that we may see potential
bearish movement.
Daily
pivot Fibonacci points:
Resistance
levels:
R1:
1,275.47
R2:
1,279.03
R3:
1,284.80
Support
levels:
S1:
1,263.93
S2:
1,260.37
S3:
1,254.60
Trading
recommendation: Be careful with buying at this stage since the price
is near resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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