Since our last analysis, gold has been trading upwards. The price tested the level of $1,087.21. In the daily time frame, I found a strong demand bar in a high volume testing our SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the M30 time frame, I found a volume spike (buying climax ) at the level of $1,083.70 and then the up-thrust bar (sellers overcomed buyers). Be careful when buying at this stage and watch for potential intraday selling opportunities.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,082.30
R2: 1,083.40
R3: 1,085.50
Support levels:
S1: 1,078.45
S2: 1,070.30
S3: 1,075.35
Trading recommendations: Be careful when buying gold since the price testing our strong resistance level. Watch for potential selling opporutnities.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,087.21. In the daily time frame, I found a strong demand bar in a high volume testing our SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the M30 time frame, I found a volume spike (buying climax ) at the level of $1,083.70 and then the up-thrust bar (sellers overcomed buyers). Be careful when buying at this stage and watch for potential intraday selling opportunities.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,082.30
R2: 1,083.40
R3: 1,085.50
Support levels:
S1: 1,078.45
S2: 1,070.30
S3: 1,075.35
Trading recommendations: Be careful when buying gold since the price testing our strong resistance level. Watch for potential selling opporutnities.
The material has been provided by InstaForex Company – www.instaforex.com
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