Gold has been trading sideways around the level of $1,205.00. The price supports cluster around the level of $1,203.00. We can observe supply in a high volume with strong price action in the daily time frame. The short-term trend is neutral. The daily resistance at the level of $1,224.00 held successfully. If the price breaks the level of $1,224.00 in a high volume and strong price action takes place, we may see possible testing at the level of $1,250.00 (Fibonacci expansion 100%). Anyway, I found strong trading range between the price of $1,214.00 and $1,201.00. I am waiting for a clear breakout with high volume to confirm direction.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,210.00
R2: 1,213.00
R3: 1,217.00
Support levels:
S1: 1,201.35
S2: 1,198.60
S3: 1,194.15
Trading recommendations: Be careful when buying gold below the price of $1,225.00.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Gold has been trading sideways around the level of $1,205.00. The price supports cluster around the level of $1,203.00. We can observe supply in a high volume with strong price action in the daily time frame. The short-term trend is neutral. The daily resistance at the level of $1,224.00 held successfully. If the price breaks the level of $1,224.00 in a high volume and strong price action takes place, we may see possible testing at the level of $1,250.00 (Fibonacci expansion 100%). Anyway, I found strong trading range between the price of $1,214.00 and $1,201.00. I am waiting for a clear breakout with high volume to confirm direction.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,210.00
R2: 1,213.00
R3: 1,217.00
Support levels:
S1: 1,201.35
S2: 1,198.60
S3: 1,194.15
Trading recommendations: Be careful when buying gold below the price of $1,225.00.
The material has been provided by InstaForex Company – www.instaforex.com
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