Overview:
Since our last analysis, gold has been trading sideways around the level of $1,087.00. Our major support is at the price of $1,085.00. We can observe a massive volume spike (selling climax) in the background, which is a sign level of $1,085.00. According to the M30 time frame, I found a strong supply trend line and the price tested the trend line few times. Watch for potential intraday selling opportunities. If the price breaks the major support level ($1,079.00), we may see potential testing at $1,043.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,089.50
R2: 1,091.25
R3: 1,094.00
Support levels:
S1: 1,084.00
S2: 1,082.30
S3: 1,079.60
Trading recommendations: Watch for a potential breakout of our trading range. If the price breaks the level of $1,079.50 in a high volume, we may see further downward movement. Selling opportunities are also preferable in intraday.
The material has been provided by InstaForex Company - www.instaforex.com