Since our previous analysis, gold has been trading sideways at the price of $1,261.00. On the 4H time frame chart, I found a trading range (potential re-distribtion) between the price of $1,265.50 (resistance) and the price of $1,241.22 (support). The Gold is in downward trend and my advice is to watch for a potential breakout of suppot for bearish position. Watch for breakout of $1,214.22 to confirm further lower price. The downward target is set at the price of $1.201.60.
Fibonacci pivot points:
Resistance levels:
R1: 1,255.00
R2: 1,256.25
R3: 1,258.00
Support levels:
S1: 1,251.15
S2: 1,249.95
S3: 1,248.00
Trading recommendations for today: Watch for selling opportunities. The target is set at the price of $1,201.60.
The material has been provided by InstaForex Company - www.instaforex.com