Since our last analysis, gold has been trading upwards. The price tested the level of $1,172.00. The short- and mid-term trend changed from neutral to upward. In the daily time frame, we can observe an upward bar in an average volume. In the H1 time frame, we can observe a volume spike (massive selling climax) in the background at the level of $1,158.75. Be careful when selling at this stage since we may expect buyers’ reaction. Only if the price breaks the level of $1,158.75, we may see a downward continuation. Otherwise, a breakout of the level of $1,180.00$ will confirm absorption of strong supply.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,166.55
R2: 1,167.50
R3: 1,169.00
Support levels:
S1: 1,163.50
S2: 1,162.00
S3: 1,161.00
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Anyway, I am waiting for a clear trend to be established.
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 $1,172.00. The short- and mid-term trend changed from neutral to upward. In the daily time frame, we can observe an upward bar in an average volume. In the H1 time frame, we can observe a volume spike (massive selling climax) in the background at the level of $1,158.75. Be careful when selling at this stage since we may expect buyers’ reaction. Only if the price breaks the level of $1,158.75, we may see a downward continuation. Otherwise, a breakout of the level of $1,180.00$ will confirm absorption of strong supply.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,166.55
R2: 1,167.50
R3: 1,169.00
Support levels:
S1: 1,163.50
S2: 1,162.00
S3: 1,161.00
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Anyway, I am waiting for a clear trend to be established.
The material has been provided by InstaForex Company – www.instaforex.com
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