Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,052.56. In the daily time frame, I found a supply bar and rejection from the SMA10. Our strong support around the levels of $1,075.00-$1,080.00 has become strong resistance (changing polarity) now. In the M30 time frame, we can observe low activity (low volume) and I found intraday trading range between the price of $1,061.20 and the price of $1,052.65. Next strong daily support is seen around the level of $1,046.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,057.35
R2: 1,057.75
R3: 1,058.50
Support levels:
S1: 1,056.05
S2: 1,055.65
S3: 1,055.00
Trading recommendations: Be careful when buying gold since I saw a breakout of the diagonal trend line. Watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,052.56. In the daily time frame, I found a supply bar and rejection from the SMA10. Our strong support around the levels of $1,075.00-$1,080.00 has become strong resistance (changing polarity) now. In the M30 time frame, we can observe low activity (low volume) and I found intraday trading range between the price of $1,061.20 and the price of $1,052.65. Next strong daily support is seen around the level of $1,046.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,057.35
R2: 1,057.75
R3: 1,058.50
Support levels:
S1: 1,056.05
S2: 1,055.65
S3: 1,055.00
Trading recommendations: Be careful when buying gold since I saw a breakout of the diagonal trend line. Watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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