Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,065.25. In the daily time frame, our SMA 10 is on the test. In the 4H time frame, I found a change in polarity and strong support at the price of $1,065.00 has become strong resistance now. Besides, I found strong buying climax in the background and a doji bar at our resistance. Watch for potential selling opportunities. Intraday support is at the price of $1,046.10.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,064.75
R2: 1,069.10
R3: 1,076.15
Support levels:
S1: 1,050.70
S2: 1,046.35
S3: 1,039.35
Trading recommendations: Be careful when buying gold because we have a strong rejection from our resistance and gold is in the strong downward trend. Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com