Gold has been trading sideways around the level of $1,189.00. The short-term trend is neutral. I found strong trading range between the levels of $1,192.00 and $1,183.00. According to the daily time frame, we can observe a very high volume and weak price action. Also, the price is testing our demand trendline (support). Our Fibonacci retracement 50 % at the level of $1,187.00 was successfully held. If the price breaks the level of $1,183.00, the support levels will be at $1,178.00 and $1,167.00. Anyway, I found a strong shake-out in an ultra-high volume (false breakout) of our support at the level of $1,183.00, which is a sign that selling at this stage looks risky. I am still waiting for a clear breakout, but my selling looks more risky because of strong shake-out.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,192.00
R2: 1,195.00
R3: 1,200.00
Support levels:
S1: 1,182.45
S2: 1,180.00
S3: 1,174.50
Trading recommendations: The price is in a trading range (sideways). Wait for a clear breakout in a high volume to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Gold has been trading sideways around the level of $1,189.00. The short-term trend is neutral. I found strong trading range between the levels of $1,192.00 and $1,183.00. According to the daily time frame, we can observe a very high volume and weak price action. Also, the price is testing our demand trendline (support). Our Fibonacci retracement 50 % at the level of $1,187.00 was successfully held. If the price breaks the level of $1,183.00, the support levels will be at $1,178.00 and $1,167.00. Anyway, I found a strong shake-out in an ultra-high volume (false breakout) of our support at the level of $1,183.00, which is a sign that selling at this stage looks risky. I am still waiting for a clear breakout, but my selling looks more risky because of strong shake-out.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,192.00
R2: 1,195.00
R3: 1,200.00
Support levels:
S1: 1,182.45
S2: 1,180.00
S3: 1,174.50
Trading
recommendations: The price is in a trading range (sideways). Wait for a clear
breakout in a high volume to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: