Since our last analysis, gold has been trading downwards. The price tested the level of $1,129.43. The intraday trend is neutral. According to the daily time frame, we can observe a demand bar in an average volume. In the M30 time frame, we can observe weakness around the level of $1,135.50, which is a sign that buying looks risky at this stage. Also, I found potential wyckoff distribution phase from the top, which is another sign of weakness.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,138.60
R2: 1,139.30
R3: 1,140.35
Support levels:
S1: 1,136.50
S2: 1,135.80
S3: 1,134.75
Trading recommendations: Resistance at the price of $1,135.50 held successful. Watch only for potential selling opporutnities after retracement (weak demand).
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 $1,129.43. The intraday trend is neutral. According to the daily time frame, we can observe a demand bar in an average volume. In the M30 time frame, we can observe weakness around the level of $1,135.50, which is a sign that buying looks risky at this stage. Also, I found potential wyckoff distribution phase from the top, which is another sign of weakness.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,138.60
R2: 1,139.30
R3: 1,140.35
Support levels:
S1: 1,136.50
S2: 1,135.80
S3: 1,134.75
Trading recommendations: Resistance at the price of $1,135.50 held successful. Watch only for potential selling opporutnities after retracement (weak demand).
The material has been provided by InstaForex Company – www.instaforex.com
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