Since our previous analysis, gold has been trading sideways at the price of $1,329.50. According to the 30M time frame, I found buying climax and successful testing of demand in a low volume, which is a sign that buying gold at this stage looks risky. I found trading range between the price of $1,320.00 (support) and $1,338.75. Anyway, sellers are in control at this stage. Watch for selling opportunities on the pullbacks. The first target is set at the price of $1,323.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,333.25
R2: 1.335.30
R3: 1,338.65
Support levels:
S1: 1,326.50
S2: 1,324.40
S3: 1,321.00
Trading recommendations for today: Buying looks risky, watch for selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com