Since our last analysis, gold has been trading sideways at $1,233.00. A breakout of the $1,245.50 level is needed for continuation of upward movement. On the 30M time frame chart, I found selling climax in the background and successful testing of supply, which is the sign that professionals are interested in higher price. Watch for a successful breakout of $1,245.50 and then try to buy on the dips with the first target near the level of $1,259.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,240.50
R2: 1,245.60
R3: 1,253.90
Support levels:
S1: 1,224.15
S2: 1,218.30
S3: 1,210.00
Trading recommendations for today: Watch for buying opportunities on the dips. Selling looks very risky.
The material has been provided by InstaForex Company - www.instaforex.com