Overview:
Gold has been trading sideways around the level of $1,186.00. The short-term trend is neutral. I found strong trading range between the levels of $1,192.00 and $1,183.00. I am waiting for a clear breakout with strong volume to confirm further direction. Our Fibonacci retracement 50 % at the level of $1,187.00 is on the test. If the price breaks the level of $1,183.00, support levels will be set at $1,178.00 and $1,167.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,190.00
R2: 1,192.00
R3: 1,195.40
Support levels:
S1: 1,184.50
S2: 1,183.00
S3: 1,179.90
Trading recommendations: Price is in trading range (sideways). Wait for a clear breakout in a high volume to confirm further direction.
The material has been provided by InstaForex Company - www.instaforex.com