Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,140.63. The intraday trend is neutral. In the daily time frame, we can observe a demand bar in a high volume. In the M15 time frame, we can observe a successful test at the supply level of $1,140.05. The high volume area is also around the price of 1.140.00, so we have strong support over there. My advice is to watch for potential buying opportunities on gold.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,156.00
R2: 1,161.70
R3: 1,170.45
Support levels:
S1: 1,138.85
S2: 1,133.40
S3: 1,124.67
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com