Since our last analysis, gold has been trading downwards. The price tested the level of $1,077.22. According to the daily time frame, I found a pin bar and reaction from sellers. Our first major resistance (change in polarity – strong support became resistance) at the price of $1,099.00 held successfully. According to the H4 time frame, we can observe weak price action and low volatility. Potential resistance levels are at the prices of $1,104.00, $1,118.00, and $1,132.00 as well as $1,145.00. Selling opportunities are preferable if the price breaks the level of $1,074.00 in a high volume. Potential profit target area will be around the level of $1,030.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,093.00
R2: 1,097.45
R3: 1,103.90
Support levels:
S1: 1,080.55
S2: 1,076.50
S3: 1,070.10
Trading recommendations: Be careful when selling gold at this stage, since the price is testing support. Watch for selling opportunities only if the price breaks the support at the level of $1,074.00.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,077.22. According to the daily time frame, I found a pin bar and reaction from sellers. Our first major resistance (change in polarity – strong support became resistance) at the price of $1,099.00 held successfully. According to the H4 time frame, we can observe weak price action and low volatility. Potential resistance levels are at the prices of $1,104.00, $1,118.00, and $1,132.00 as well as $1,145.00. Selling opportunities are preferable if the price breaks the level of $1,074.00 in a high volume. Potential profit target area will be around the level of $1,030.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,093.00
R2: 1,097.45
R3: 1,103.90
Support levels:
S1: 1,080.55
S2: 1,076.50
S3: 1,070.10
Trading recommendations: Be careful when selling gold at this stage, since the price is testing support. Watch for selling opportunities only if the price breaks the support at the level of $1,074.00.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: