Overview:
Gold has been trading sideways around the price of $1,190.00. The price has returned to our trading range but since we got the sign of strength in the background, we may expect bullish momentum again. According to the daily time frame, we can observe demand bar in an average volume. The price has broken our supply trendline which is a sign that selling looks very risky. Key resistance is around the level of $1,203.00 (reistance cluster). Watch for potential buying opportunities on the dips. Major support is around the price of $1,184.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,196.25
R2: 1,198.75
R3: 1,202.00
Support levels:
S1: 1,188.15
S2: 1,185.65
S3: 1,181.60
Trading recommendations: The price has broke our trading range upside in the background and my advice is to watch for potential buying opportunities on the dips. Any demand in a high volume may confirm further bullish movement.
The material has been provided by InstaForex Company - www.instaforex.com