Since our last analysis, gold has been trading sideways around the level of $1,088.00. As we had expected, the price tested the second major support at the level of $1,085.00. We can observe a massive volume spike (selling climax) in the background, which is a sign level of $1,085.00. Anyway, if the price breaks the major support level ($1,079.00), we may see potential testing at $1,043.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,090.60
R2: 1,092.20
R3: 1,094.50
Support levels:
S1: 1,085.75
S2: 1,084.30
S3: 1,081.90
Trading recommendations: Watch for a potential breakout of our trading range. If the price breaks the level of $1,079.50 in a high volume, we may see a continuation downward .
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading sideways around the level of $1,088.00. As we had expected, the price tested the second major support at the level of $1,085.00. We can observe a massive volume spike (selling climax) in the background, which is a sign level of $1,085.00. Anyway, if the price breaks the major support level ($1,079.00), we may see potential testing at $1,043.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,090.60
R2: 1,092.20
R3: 1,094.50
Support levels:
S1: 1,085.75
S2: 1,084.30
S3: 1,081.90
Trading recommendations: Watch for a potential breakout of our trading range. If the price breaks the level of $1,079.50 in a high volume, we may see a continuation downward .
The material has been provided by InstaForex Company – www.instaforex.com
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