Since our last analysis, gold has been trading downward. The price tested the level of $1,152.13. The intraday and short-term trends changed from upward to downward. In the daily time frame, we can observe an strong supply bar in a high volume. In the H1 time frame, we can observe a volume spike (massive selling climax) in the background at the level of $1,152.13. Also, our strong support at the level of $1,162.00 now act like strong resistance. The price is below Ichimoku cloud in all frames from M1 to H4. Be careful when buying at this stage since we may expect a downward continuation. Only if the price breaks the level of $1,183.00, it will confirm absorption. Otherwise, watch only for selling opportunities.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,181.20
R2: 1,183.50
R3: 1,185.90
Support levels:
S1: 1,175.40
S2: 1,173.60
S3: 1,170.70
Trading recommendations: Be careful when buying gold at this stage and 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 downward. The price tested the level of $1,152.13. The intraday and short-term trends changed from upward to downward. In the daily time frame, we can observe an strong supply bar in a high volume. In the H1 time frame, we can observe a volume spike (massive selling climax) in the background at the level of $1,152.13. Also, our strong support at the level of $1,162.00 now act like strong resistance. The price is below Ichimoku cloud in all frames from M1 to H4. Be careful when buying at this stage since we may expect a downward continuation. Only if the price breaks the level of $1,183.00, it will confirm absorption. Otherwise, watch only for selling opportunities.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,181.20
R2: 1,183.50
R3: 1,185.90
Support levels:
S1: 1,175.40
S2: 1,173.60
S3: 1,170.70
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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