Overview :
Since our last analysis gold has been trading downwards. The price has tested the level of 1,228.10 in a volume abvove the average. According to the H1 time frame, we can observe selling climax in the background and weak supply around the price of 1,228.00, which is a sign that selling gold at this stage looks risky. According to the daily time frame, we got supply in a volume above the average. Major resistance level is around the price of 1,307.00 (swing high like resistance) and intraday resistance is around the price of 1,252.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips).
Daily Fibonacci pivot points :
Resistance levels :
R1: 1,238.92
R2: 1,239.98
R3: 1,241.70
Support levels :
S1: 1,235.48
S2: 1,234.42
S3: 1,232.70
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
