Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,274.57. In the daily time frame, I found a strong demand bar in a high volume. Intraday selling looks risky because the price broke our key resistance level at $1,262.00. I found a symmetrical triangle and a continuation pattern. Watch for potential buying opportunities on dips. Try to build buying positions near the level of $1,250-$1,245.00. Targets are set at the prices of $1,304.00 and $1,338.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,267.00
R2: 1,274.00
R3: 1,285.00
Support levels:
S1: 1,244.20
S2: 1,237.10
S3: 1,225.50
Trading recommendations for today: Be careful when selling gold and watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com