Overview:
Since our last analysis, gold has been trading upwards. According to the daily time frame, we can observe a neutral bar (doji) in a volume below the average. According to the 30M time frame, we can observe a volume spike (buying climax) with a wide-range bar at the price of $1,121.00, which is a sign that buying gold at this stage looks risky. According to Wyckoff analysis, we have strong accumulation and bottoming on gold, so watch only for buying opportunities on the dips (after bearish corrections). Anyway, to confirm further bullish movement, the price needs to break the level of $1,122.70 in a high volume. Intraday looks very risky for buying but the short term got a large sign of strength in the background.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,119.80
R2: 1,122.60
R3: 1,127.17
Support levels:
S1: 1,110.75
S2: 1,107.00
S3: 1,103.00
Trading recommendations: Be careful when buying gold at this stage. Intraday selling opportunities are preferable.
The material has been provided by InstaForex Company - www.instaforex.com