Overview:
Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,122.73 in a volume above the average. An intraday trend is upward. The price broke our resistance level at $1.111.50 and I found successful re-test, which is a sign that we may see further upward movements. Also. the price is above all key MA`s (SMA 50,100,150,200) according to the 4H time frame. The area around the level of $1,112.00 looks like a good place to open buy positions. The take-profit zone is set at the level of $1,134.00 (Fibonacci retracement 61.8%). Be careful because of the today`s Federal Funds Rate.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,120.60
R2: 1,122.20
R3: 1,124.65
Support levels:
S1: 1,115.80
S2: 1,114.30
S3: 1,111.90
Trading recommendations: Watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com