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Gold : analysis for December 28 , 2015

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Overview:

Since our last analysis, gold has been trading sideways around the level of $1,070.62. In the daily time frame, I found a weakly supply bar, which is a sign that selling looks risky. An intraday trend is neutral. In the 30M-time frame, we can observe successful re-testing of our channel and a breakout of a bullish flag, which made a good buy point at the level of $1,072.00.The first resistance is seen at the level of $1,080.00 and second at $1,088.70. The key price action resistance is seen around the level of $1,100.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,076.20

R2: 1,076.50

R3: 1,077.00

Support levels:

S1: 1,075.15

S2: 1,074.80

S3: 1,074.25

Trading recommendations: Watch for potential buying opportunites, selling looks risky.

The material has been provided by InstaForex Company - www.instaforex.com