Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,109.79. The intraday trend is neutral. According to the daily time frame, we can observe supply in a volume below average (weak supply). According to the H1 time frame, we can observe a no-demand bar and weak close of the bar (closed on the middle), which means buying looks very risky at this stage. Anyway, my advice is to wait for a change in trend behavior before taking any steps. Support level is around the price of $1,1099.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,104.00
R2: 1,104.50
R3: 1,104.90
Support levels:
S1: 1,102.90
S2: 1,102.50
S3: 1,101.95
Trading recommendations: Weak demand is around our resistance level at the price of $1,109.75. Be careful when buying gold at this stage. The trend is still neutral.
The material has been provided by InstaForex Company - www.instaforex.com