Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,342.00 in a high volume. The price reached second target at the level of $1,334.70. According to the 4H time frame, there is a still strong upward pressure on the market. Price is heading to test third target point Fibonacci expansion 161.8% at the price of $1,348.90. Be careful when selling and watch for buying opportunities on the dips.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,349.60
R2: 1,350.65
R3: 1,352.30
Support levels:
S1: 1,346.25
S2: 1,345.20
S3: 1,343.50
Trading recommendations for today: selling looks risky, watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com