Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,144.80. The intraday trend is upward. In the daily time frame, we can observe a demand bar in an average volume. In the M15 time frame, we can observe a successful test at the supply level of $1,134.00. It encouriged buyers to buy and we got nice result from the test. We got resistance at the level of $1,169.00. Watch for buying opportunities on dips.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,132.20
R2: 1,133.11
R3: 1,134.60
Support levels:
S1: 1,129.20
S2: 1,128.30
S3: 1,126.50
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,144.80. The intraday trend is upward. In the daily time frame, we can observe a demand bar in an average volume. In the M15 time frame, we can observe a successful test at the supply level of $1,134.00. It encouriged buyers to buy and we got nice result from the test. We got resistance at the level of $1,169.00. Watch for buying opportunities on dips.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,132.20
R2: 1,133.11
R3: 1,134.60
Support levels:
S1: 1,129.20
S2: 1,128.30
S3: 1,126.50
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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