Overview:
Gold has been trading sideways around the price of $1,183.00. In the daily time frame, we can observe a bullish bar in a volume below the average. In the H1 time frame, we can observe another buying climax in the background, which is a sign that buying gold at this stage looks risky. Anyway, I am neutral on this pair since we got major support around the levels of $1,168.00 and $1,162.00. Since we got strong buying climax in the background and fail absorption volume, bearish side is more possible.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,189.60
R2: 1,193.90
R3: 1,200.00
Support levels:
S1: 1,175.65
S2: 1,171.35
S3: 1,164.35
Trading recommendations: Buying climax around the price of $1,184.00 is in the background. Buying gold at this stage looks risky.
The material has been provided by InstaForex Company - www.instaforex.com