Overview:
Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,067.36. In the daily time frame, I found a supply bar in a high volume and rejection from our SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the M30 time frame, I found strong supply and a downward trend. Next strong daily support is seen around the level of $1,046.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,076.00
R2: 1,077.00
R3: 1,078.50
Support levels:
S1: 1,073.20
S2: 1,072.30
S3: 1,070.85
Trading recommendations: Be careful when buying gold since the price is testing our strong resistance level. Watch for potential selling opporutnities.
The material has been provided by InstaForex Company - www.instaforex.com