Gold has been trading sideways around $1,174.00. We are facing low liquidity on the market. I am waiting for stronger price actions and larger volume. In the daily time frame, we can observe a neutral bar (doji) in a volume below the average. Selling looks risky at this stage, because we got major support around $1,168.88 – $1,162.00. We can observe ultra-high volume (buying climax) demand with a strong price action. Bullish correction is still possible. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the level of $1,183.00, Fibonacci retracement 50% at $1,188.00, and Fibonacci retracement 61.8% at %1,192.00. The short-term trend is bearish. Watch for selling opportunities if the price breaks major support.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,175.80
R2: 1,177.50
R3: 1,180.00
Support levels:
S1: 1,170.20
S2: 1,169.40
S3: 1,166.00
Trading recommendations:. Be careful when selling gold since we can observe a strong reaction from buyers around the level of $1,171.00. Watch for selling opportunities just below the level of $1,162.00.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Gold has been trading sideways around $1,174.00. We are facing low liquidity on the market. I am waiting for stronger price actions and larger volume. In the daily time frame, we can observe a neutral bar (doji) in a volume below the average. Selling looks risky at this stage, because we got major support around $1,168.88 – $1,162.00. We can observe ultra-high volume (buying climax) demand with a strong price action. Bullish correction is still possible. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the level of $1,183.00, Fibonacci retracement 50% at $1,188.00, and Fibonacci retracement 61.8% at %1,192.00. The short-term trend is bearish. Watch for selling opportunities if the price breaks major support.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,175.80
R2: 1,177.50
R3: 1,180.00
Support levels:
S1: 1,170.20
S2: 1,169.40
S3: 1,166.00
Trading recommendations:. Be careful when selling gold since we can observe a strong reaction from buyers around the level of $1,171.00. Watch for selling opportunities just below the level of $1,162.00.
The material has been provided by InstaForex Company – www.instaforex.com
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