Since our last analysis, gold has been trading downwards. The price tested the level of $1,158.76 in a very high volume. The short- and mid-term trend changed from upward to neutral. In the daily time frame, we can observe a neutral bar in a high volume. In the H1 time frame, we can observe a volume spike (massive selling climax) at the level of $1,158.75. Be careful when selling at this stage since we may expect reaction from buyers. Only if the price breaks the level of $1,158.75, we may see downward continuation.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,164.30
R2: 1,164.80
R3: 1,165.60
Support levels:
S1: 1,162.70
S2: 1,162.10
S3: 1,161.40
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Anyway, the trend is neutral and I am waiting for a clear trend to establish.
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 $1,158.76 in a very high volume. The short- and mid-term trend changed from upward to neutral. In the daily time frame, we can observe a neutral bar in a high volume. In the H1 time frame, we can observe a volume spike (massive selling climax) at the level of $1,158.75. Be careful when selling at this stage since we may expect reaction from buyers. Only if the price breaks the level of $1,158.75, we may see downward continuation.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,164.30
R2: 1,164.80
R3: 1,165.60
Support levels:
S1: 1,162.70
S2: 1,162.10
S3: 1,161.40
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Anyway, the trend is neutral and I am waiting for a clear trend to establish.
The material has been provided by InstaForex Company – www.instaforex.com
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