Since our previous analysis, gold has been moving downwards. The price tested the level of $1,276.46 in a high volume. The trend is bullish. According to the 30M time frame, I found rounding bottom (saucer pattern) and also there is flat horizontal base. I found that the high volume value area from yesterday is at the price of $1,308.00. The level of $1,308.00 is the target profit for today.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,307.50
R2: 1.316.00
R3: 1,329.00
Support levels:
S1: 1,280.00
S2: 1,271.60
S3: 1,257.90
Trading recommendations for today: Be careful when selling and watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com