Overview:
Since our last analysis, gold has been trading sideways at the level of $1.114.00. An intraday short-term trend is neutral, but the short term trend is upward. It seems like that our strong support at the price of $1,109.00 held very successful.Also. the pair is trading well above all key MA`s (SMA 50,100,150,200) according to the H4 time frame. The take-profit zone is established around the level of $1,134.00 (Fibonacci retracement 61.8%, daily SMA 200). In the 30M time frame, I found a massive volume spike (selling climax) and successfully test of supply, which is a sign that selling looks risky. Watch for buying opportunities on dips.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,122.90
R2: 1,126.65
R3: 1,133.70
Support levels:
S1: 1,110.75
S2: 1,107.00
S3: 1,100.95
Trading recommendations:Trading recommendations: watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com